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Digital wallets are fast becoming the go-to medium for transactions. It is quick, safe, and, best of all, social-distancing friendly. With most buyers confined to their homes for over a year, the threat posed by the COVID-19 pandemic has forced most businesses to evolve their strategy. When people are reluctant to pass currency notes at a retail store for fear of infection, they readily make a quick online payment for their daily needs. Even without the sword of a life-threatening disease hanging on our heads, there are multiple advantages of incorporating digital wallets in any business.
Let us take a detailed look at different aspects of this payment mode.
What is a digital wallet?
In simple terms, a digital wallet, or e-wallet, is a software system that allows you to make transactions with other parties using the digital form of currency. These payments include your bill payments, mobile recharges, online payments at e-commerce websites, and the payments done at our local convenience store. You can also link your bank account details to your e-wallet mobile application for greater access to funds instantly. This program generally stores your debit or credit card details on its system for linking purposes. The payment credentials are then passed to the merchant's terminal via different modes like NFC, UPI, etc.
Some of the more popular digital wallets are Google Pay, PayTM, Samsung Pay, PayPal, and Apple Pay.
Merits of using Digital Wallets - Customer Perspective
If you had the option to leave your purses and wallets at home every time you had to visit the local shop, would you? E-wallets present the same opportunity to everyone with a bank account and a smartphone. It is for these reasons that digital modes of payment have been gaining popularity in the past years. Let’s take a closer look at their advantages for consumers:
Easier to use
There is no hassle of carrying multiple cards in your bag. Simply bring your phone in your pocket and pay on demand!
Maintaining a monthly or weekly record of minor expenses becomes more straightforward when you can quickly check your past payment activity in the app interface.
Keep your hands to yourself while paying at a kiosk. Digital wallets minimize the risk of catching an infection at a payment counter.
No spare change needed
Bill amounting to an odd number? No worries! The amount you enter in your wallet app is the amount that will be deducted from your accounts. No rounding off necessary.
Merits of using Digital Wallets - Business perspective
A good customer experience automatically translates into better profits for your business. Adding the option to pay via e-wallets at your transaction windows will help boost your sales and increase customer retention. Here’s how:
Increased cart-to-payment conversion
It is especially valid for e-commerce platforms that allowing your customers to pay via their mobile wallets will decrease cart abandonment statistics. Ease in completing the payments will encourage your potential customers to finish their transactions before leaving the website for further browsing.
An increasing number of people have shifted to using their smartphones over their desktops in recent years. E-wallets allow users to spend money on the go. Adapting your business to qualify for their use will consequently make your brand more approachable to your customers.
Keep track of your customers’ spending habits via data sharing
Having a better insight into your customers’ spending habits will help you provide them with services that better match their needs. Incorporating digital wallets into your businesses will provide an additional avenue for such data collection. You can thus refine your product catalog as per your client preferences.
Use the platform to provide special discounts and sales
Nothing attracts a buyer to a store as effectively as the word ‘discount’. You can host a tie-up with different wallet platforms to provide your mutual customers with special deals on your merchandise. This tactic has proven to be a great marketing strategy.
Speeds up the sales queues at stores
People abandon their shopping carts at stores when they see long queues at the check-out counters. Present-day buyers lead busy lives. The use of digital wallets speeds up the payment process quite considerably. Faster check-outs mean faster sales that lead to more immediate earning!
Lower running costs
Every incoming and outgoing translation is recorded in digital wallets. You can save a lot of money by using e-payment portals to minimize the need for an account keeper. Additionally, you can place check-out counters exclusively for making digital payments in your stores to reduce the number of cashiers required to manage the money.
Maintaining social distancing is essential not only for the buyer but also for the sellers. A person operating the payment counter interacts with dozens, if not hundreds, of people daily. They are at a much greater risk of catching an infection than their customers. Encouraging digital modes of payment keeps your employees safe and maintains their work’s overall efficiency.
We at SlideTeam have specially designed multiple PowerPoint slides to present your business digitalization pitch to your peers. Take a look at our top picks and seamlessly bring digital wallets to make things simpler.
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Mobile payments can lead to a more significant rise in your market growth. Study the prospects and growth catalysts for your business with this mobile payment solution PowerPoint slide. A few columns of the table have been filled with random values to simplify the user experience.
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Digital wallets are quickly taking over as the most popular payment solution for a rising number of people. Businesses need to adapt to this new technology to maintain their relevance. Added convenience for customers translates into increased sales on the seller’s end. As an intelligent businessperson, you must provide all the available payment methods to your customers to broaden the cart-to-card activity scope. Remember, each innovation is here to stay, so better be an early bird than remain an also-ran.