Mobile wallets is now the way to pay for things online through your phone without having to type your credit card information. Mobile wallets will boost eCommerce because it simplifies the ability to purchase online. Eliminating steps that sometimes make people abandon the website shopping cart. So what is a mobile wallet? I will explain it briefly and talk about how it helps eCommerce.
If you have a newer smartphone such as an iPhone, you have perhaps seen a message asking if you want to store your credit card information. If you chose not to, well that is your decision. But if you chose to do it, then you are embracing change. Today there are several mobile wallets and they are primarily provided by the smartphone companies.
The most common are Apple Pay, Google Pay and Samsung Pay. What they do is store your credit card and billing details so that when you are shopping for something online or if you are a store that accepts these payment methods, you can just use your phone to pay. No more having to enter credit card details or having to swipe. Is it safe? Yes. These technologies have been tested and like anything can actually tell you why it may be safer than carrying around credit cards.
So how does mobile wallet boost eCommerce? Let’s provide an example. Amazon the eCommerce store, has grown to become a preferred method of shopping. One of several reasons is because of how easy it is to pay for things. Amazon saves your credit card details so that you can just hit the purchase button. But if you go to other websites, you would have to enter in your credit card information. According to analytics, there is a lot of online shoppers that abandon online shopping carts at the checkout. There may are many possible reasons, but if your online store eliminates the old school way of having to enter credit card information, then you allow the shopper to have less time to manifest their doubts if they have any.
Mobile wallets are impacting the eCommerce world and payment gateways like Braintree are helping. This payment gateway owned by PayPal, can be used in website platforms to accept mobile wallets. If you are a large company, you can negotiate rates with them as well. A great ecommerce website platform to use Braintree with is Magento.
If you are interested in setting up Braintree with your website or if your website platform does not support Braintree, contact Lure Solutions to help you find the right platform for you and integrate Braintree.