Accepting digital wallets – or eWallets – can come with big benefits for small businesses. Digital wallets are already the leading payment method among U.K. consumers shopping online. Wallets accounted for 35% of e-commerce transaction value in 2022, up from 32% in 2021, according to the Global Payments Report 2023.¹

Small businesses that sell online but don’t allow their customers to pay by digital wallet at online checkout could be missing out.

Improved customer experience

While online card purchases require credit or debit card information to be entered, digital wallets do not require customers to enter their card information. This can lead to a faster checkout process, reducing the risk of a frustrating experience or worse – customers abandoning their cart entirely.

Digital wallets are also very easy to use on a variety of devices, leading to a smoother checkout experience. The ability for customers to store multiple payment methods in one place helps reduce the chance of a failed transaction as well.

Opportunity for greater reach

Digital wallets also present the opportunity to expand into new markets. In fact, digital wallets have 49% of e-com transactions globally and 32% share at POS, accounting for ~$18 trillion in consumer spending¹.

Digital wallets are now North America’s top e-com payments method. They have displaced credit cards as consumers’ preferred online payment method¹.

Enhanced security

Digital wallets protect their user information using tokenization, encrypting data so that card numbers or other personal information is less likely to be compromised in the event of an attack.

Without a doubt, digital wallets are one of the main payment trends driving big changes in commerce, and with adoption rates only increasing, it’s time to see how you can add digital wallets to your payment mix.

Adding digital wallets to your online payment gateway can be simple. Worldpay eCommerce is an easy, secure and cost effective solution for small businesses to take online payments via digital wallets. Talk to us and discuss how we can help grow your online business.

Reference

¹ The Global Payments Report 2023 , Worldpay from FIS