Mobile Wallets Go Mainstream
Customers are ditching physical cards to pay with smart devices, creating an ultra-convenient checkout experience
Much of the increase in contactless payment use has been driven by consumers' adoption of mobile wallets. These innovative payment methods, which include Apple Pay, Google Pay, and Cash App, provide customers new levels of flexibility in how and where they pay.
With mobile wallets, customers can complete transactions by tapping their favorite mobile devices, from smartphones to smartwatches, or by scanning a QR code.
From a customer perspective, using a mobile wallet couldn’t be easier. Shoppers can store multiple payment methods in one convenient place and complete a purchase without ever presenting their cards.
Mobile wallets have been gaining traction for years, and they’re now a central part of the payments landscape.
prefer digital wallets to traditional payment methods, and more than 70% are are willing to use digital wallets as their primary payment method. 6
Quick and easy can be especially beneficial for vendors at markets, events, and pop-up stores, where customers may already be laden with shopping bags and need a convenient payment option.
The consumer-friendly benefits of mobile wallets help businesses too. Here’s how:
1. Less friction during checkout
Businesses won’t lose revenue opportunities from busy customers who want to avoid the hassle of finding their wallets and cards, or from shoppers who forgot their preferred cards at home.
2. More opportunities to build loyalty
Business owners can entice consumers to shop by delivering exclusive perks and rewards via customers’ mobile wallets, bringing in new and repeat business with discounts and promotions.
3. Another layer of protection for consumers’ data
Mobile wallets provide an added layer of security, allowing customers to complete transactions without sharing their card numbers.
