Gear up and grow your business with digital wallets

Feb 27 2022 | PayPal Editorial Staff

Digital commerce is here to stay, and shoppers continue turning to online merchants and new ways to pay that make their shopping experience easy and safe. Make sure your business is future-ready with digital wallets.
Digital Wallets and Your Business

Digital wallets are a convenient, electronic way for shoppers to safely store different payment methods and access funds from their devices. They’re also the favored payment with 48% of current online shoppers worldwide preferring digital wallets1.

Adding digital wallets to your payment methods allows you to address many customer demands at once without much investment or effort on your part. They also can help you reach more customers and build loyalty so they will return to your business more often than with traditional online payments.

Here are some of the biggest reasons to adopt digital wallets.
 
  • A new generation of payments - While digital wallets are popular across all shopper demographics worldwide, it’s valuable for your business to reach today’s most active and digitally savvy consumers where they’re at. If you offer the type of service Millennials and Gen Z crave, they’ll remember you as a merchant that understands them.
     
  • Curb cart abandonment and increase conversions - Cart abandonment rates reach as high as 69.8% in some places2. Traditional online payment methods require an extra step to purchase, increasing the likelihood that they may abandon their items. With a seamless user experience and increased transaction speed, digital wallets reduce the risk of shoppers dropping off before they check out.
     
  • Make your business future-ready - Shoppers today expect everything on their time and their terms. Adding digital wallets to your payment options helps you keep up with these increasing consumer demands and stay at the forefront of shopper satisfaction in your industry. They allow you to consistently give shoppers what they want, how they want it, in the way they want to pay — now and in the future.

Are you ready to meet the payment needs of today’s consumers? Digital wallets will help you reach new consumers' and meet their expectations in an increasingly digitized world.

Our free eBook explains five ways that digital wallets can transform your business and set you up for a sustainable, digital future.

Download Now
1Cap Gemini, World Payments Report, August 2020. N=8600 customers, 21 countries, 243 expert interviews.
2Baymard Institute, Ecommerce Checkout Usability Study, database of 44 studies on cart abandonment, December 2020. Reasons for abandoning checkout, n-4329, US, 2021.
The contents of this site are provided for informational purposes only. The information in this article does not constitute legal, financial, IT, business or investment advice of any kind and is not a substitute for any professional advice. You should always obtain independent, professional accounting, financial, IT and legal advice before making any business decision.

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