A mobile wallet is essentially a digital equivalent of a physical wallet. It’s a means of storing assets which can be used to purchase products and services. In the age of digital money, it makes sense for businesses to make use of a mobile wallet – and here’s why:
When your business uses a mobile wallet, you’re going to reduce opportunities for fraudsters to take advantage of your details. This is because mobile wallet technology is highly encrypted, unlike traditional debit/credit cards where all a malicious person needs is your details from the front and back of a card. Say goodbye to fraudulent transactions and hello to security with the latest technology which works for consumers and retailers alike.
Opportunity to get involved with new tech
Technology moves along fast, and companies who are unwilling or otherwise unable to get behind the latest payment methods might find themselves falling by the wayside. After all, people want to pay and receive payment for goods and services via the most secure and convenient methods available to them – and if you’re not au fait with the latest digital wallet services, it’s going to have an impact on how you do business and who you do business with.
Love it or hate it, the smartphone has changed the way in which we shop. Customers love environments where they can do their shopping with instant payments. It’s quicker and easier than using traditional cards – and this speedier process can also be of an advantage to the vendor, too. By offering payments via a digital wallet, you’re actively engaging with your customers and offering the most streamlined user experience available.
In 2019, it’s difficult to believe that there are retailers who still operate on a “cash-only” policy. The days of carrying large sums of cash are long-gone, and we’d be quite right to dismiss “cash-only” businesses as archaic. Similarly, the days of only being able to pay via card are coming to an end. As technology continues to provide us with more convenient payment methods, it pays to keep up to date with these methods to give us the competitive edge. If your customers can’t pay with their preferred method on your website, they’ll go to another where they can.
Improved cash flow
Banking can be a time-consuming task, and even some of the most modern payment solutions can cause cash-flow interruptions while you wait for transactions to be verified. With a digital wallet, you can access your funds in real-time, making cash flow issues a thing of the past.