Have you ever had a customer try to pay with Apple Pay? If so, your business is already being impacted by the rise of mobile wallets. Retailers should consider accepting mobile wallet payments in order to cater to as many customers as possible. Studies show that half of people globally will use mobile wallets by 2025, so why not get ahead of the trend? Read on to learn more about the rise of mobile wallets!
Mobile wallets are virtual wallets that securely store credit cards, debit cards, loyalty cards, gift cards, coupons, and more. Users can access their mobile wallets through an app on their smartphone, smartwatch, or tablet. Mobile wallets are encrypted and require a passcode, facial recognition, or fingerprint for use, making fraudulent transactions difficult. Users can use mobile wallets for both online and in-store payments without having to rely on cash or physical payments. Popular mobile wallets include Apple Pay, Google Pay, Samsung Pay, Paypal, Venmo, and others. These apps allow users to pay with a few taps on their smartphone!
The use of mobile wallets is on the rise due to the fact that they’re a faster, safer, and more convenient payment method. To pay with a mobile wallet in-store, users simply tap or motion their device on or near the payment terminal, making checkout much faster. No more rifling through purses or wallets in search of cash, cards, or coins–checkout is complete in just a few taps. Checkout is made more convenient without having to rely on physical payment methods. Finally, because of how mobile wallets are encrypted and secured, mobile wallet payments tend to be safer than traditional payment methods.
If you haven’t adapted to the increased need for contactless payment methods yet, now’s the time to do so. Mobile wallets allow for more convenient transactions for both the retailer and the buyer. In the next few years, you should expect many customers to request mobile wallet payments. It’s also important to note that 15% of users don’t even bring their physical wallets when they go shopping and this trend is favored by younger customers. Not all POS systems allow mobile wallet payments, but we’re happy to get you set up with one that does.
Failing to adapt to the rising trend of mobile wallet payments will cause you to lose out on profits now and in the future. The benefits of mobile wallets will help both the customer and the retailer, so consider adding a mobile wallet payment option to your business this year. Contact us to learn more and get started with Meridian Blue Solutions!
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