What You Should Know When Exploring eWallet Payment Solutions
Globally, digital wallet payment method adoption is projected to exceed 1.3 billion consumers by 2021, with Asia Pacific and some European markets leading the way. (Fintech News) Smartphones are now a primary way for consumers to shop online the world over, driving a surge in mobile payments technology adoption. This has businesses large and small eyeing ewallet payment acceptance as a way to grow sales and decrease cart abandonment. If you’re thinking about adding ewallets to your checkout experience, here’s what you need to know.
What Are eWallets?
Ewallets are a digital payment method on a phone or device. They enable more convenient purchases online, and many also enable fast and easy NFC purchases at brick and mortar locations.
Most ewallets allow shoppers to securely store credit and debit card payment info on a smartphone or other mobile device. Other ewallets, especially ones that are popular in markets with low credit card adoption, allow users to ‘top-up’ their wallets with cash, typically through a bank transfer.
Most smartphones have an ewallet included with their operating systems (think Samsung Pay and Google Pay). It is also easy for consumers to install third-party ewallets. Popular super apps like WeChat and Grab include their own ewallet functionality.
Digital Wallet Payment Method Pros and Cons for Merchants
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What Are The Most Well-Known eWallets?
The number of eWallets has proliferated in recent years. While many consumers and merchants are familiar with PayPal, Apple Pay and Google Pay, globally there are many established offerings that are capturing large chunks of the market both regionally and on a global scale.
- WeChat Pay: China’s popular messaging app allows users to make purchases, by topping up the app’s ewallet using a bank account, or credit or debit card.
- Ali Pay: Chinese consumers can top up this app with cards or by bank transfer. It reportedly has one billion users.
- Grab Pay: What began as a way for the super app Grab to accept payments in Singapore from passengers for its ride-hailing services has now expanded into a payment method accepted by the likes of Starbucks and Singapore Airlines.