Payment methods

Digital wallet payments via Pay.

Digital wallet payments may not be a widely recognized term, but they play a significant role in the checkout process of your online shop. Thanks to the popularity of Google Pay and Apple Pay, digital wallet payments are gaining traction.

How do digital wallet payments work?

To make a digital wallet payment, consumers add their bank card, credit card, or any other payment method to their smartphone's or smartwatch's digital wallet. Technically, the NFC (Near Field Communication) chip enables a contactless connection between the payment terminal and the mobile device.

For transactions exceeding €50, customers may need to authenticate themselves on their device using a password, facial recognition, or fingerprint. However, smaller amounts often do not require authentication.

Why are digital wallets so popular?

Always accessible
Forgetting your wallet is less of a concern nowadays compared to leaving your phone behind. This means that digital wallets are more readily available than physical payment cards.

Hygienic
Especially during the pandemic, hygiene played a crucial role in payment methods. Contactless payments experienced a significant surge, and digital wallet payments benefitted from this trend. Digital wallet payments are inherently contactless.

Speedy transactions
Paying with a digital wallet is quick and easy. Simply hold your phone or smartwatch near a payment terminal, and the transaction is completed. No more rummaging for cards, and you can instantly verify the success of the payment through a vibration or notification.

Flexibility
The stack of cards in your physical wallet has been replaced with an organized app. During payment, you can swiftly choose from your available cards. Online merchants know that the easier the payment process, the higher the conversion rate.

PayPal

While most digital wallet payment methods focus on physical in-store payments, PayPal has been a prominent player in the online payment space for a long time. One of the advantages of PayPal is the option for customers to pay later without incurring additional costs for the merchant.

Amazon Pay

Retail giant Amazon also offers its own online wallet payment method. Amazon Pay is particularly popular among American consumers, given Amazon's dominance in that market. As Amazon expands its market share in Europe, its payment method is expected to gain traction as well.

Apple Pay

Introduced in 2014, Apple Pay has become the largest digital wallet payment method in the Netherlands. Apple Pay is available on iPhones, Apple Watches, and in Safari. Approximately 36% of the Dutch population owns an iPhone, making them potential Apple Pay users.

Google Pay

Google Pay, also known as G-Pay, serves as the equivalent of Apple Pay for non-iPhone users. Interestingly, the average Google Pay user tends to be older than an Apple Pay user.

AliPay

As the most popular payment method in China, AliPay boasts around 900 million users. For webshops with customers from China, offering AliPay as a digital wallet payment method is essential.

WeChat Pay

Webshops catering to customers from China, Hong Kong, Macau, or Taiwan should consider offering WeChat Pay. WeChat Pay is the payment function within the all-in-one WeChat app, which is widely used by Chinese shoppers, even when making online purchases or travelling in Europe.

+ Creditcards

Credit cards such as Visa, American Express, and Mastercard can also be used for digital wallet payments. Consumers can add their credit card to their smartphone's or smartwatch's digital wallet, enabling them to make digital wallet payments using their credit card.

The benefits of digital wallet payments for webshops and entrepreneurs.

Offering digital wallet payments to your customers provides several advantages:

Increased number of orders
Higher conversion rates
Larger order values
Enhanced customer loyalty, leading to more frequent and repeated purchases
Easy integration with Pay.

If you want to boost your order volume and increase your revenue, consider adding digital wallet payments to your available payment methods and choose Pay. as your Payment Service Provider. Contact us at sales@pay.nl for more information.

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