Ensuring a wide selection of payment methods is one way to limit attrition and improve checkout conversions. For unbanked populations, e-wallets can help to expand access to the digital economy.īy offering a selection of local and global digital wallets as a payment method, merchants gain the following advantages: By allowing customers to hold a balance of funds outside of a traditional bank account or credit card, e-wallets give customers a greater degree of financial freedom to manage their own funds. Digital wallets allow users to store multiple payment cards and loyalty cards in one place, giving the customer flexibility to easily cycle between different payment methods at the point of purchase. Examples include smartphone-enabled features such as biometric authentication, fingerprint or face recognition. E-wallet users can rely on two-factor authentication for an extra layer of security that cards can’t provide. With the proliferation of smartphone payments, customers can travel with fewer physical cards and even leave their actual wallet at home if they don’t feel comfortable carrying it. Customers have become increasingly aware of digital wallets and use them with their smartphones and other mobile devices.
Why are digital wallets important for e-commerce merchants?ġ4 most popular e-wallets around the world While big name products such as PayPal, Apple Pay, and Google Pay (in North America and Europe) and WeChat and AliPay (in Asia) may account for a large slice of the global market, there are dozens of additional e-wallets that many merchants may not recognize which are popular and important payment methods in specific regions.īelow is an overview of some of the top digital wallets by geography – as well as some tips for choosing a payment provider that can help you achieve maximum e-wallet coverage throughout the world. Meeting customers where they are by offering a localized selection of payment methods is particularly critical when it comes to establishing a foothold in new markets. As the payment preferences of e-commerce customers evolve, global merchants must be prepared to offer a wide variety of online payment methods to accommodate customer preferences in any region.
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