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The payment ecosystem is expanding to support consumers, who want to make purchases with their devices. Digital wallets are helping make this happen.
Online retailers rank at the top of the list when it comes to purchases made with a digital wallet1. Consumers are increasingly adopting new payment methods to eliminate data entry and streamline their purchases.
New users are emerging. Nearly one third of respondents in a recent survey said that they use digital wallets on a weekly basis. More than half say that they use them at least once a week2. The rise of installment payments and Buy Now, Pay Later (BNPL) options like Klarna, Sezzle and Affirm are gaining popularity. According to PYMNTS’ Buy Now Pay Later Report, BNPL is popular among Gen Z consumers as well as younger, credit-shy groups like millennials.3
Digital wallets can offer a remedy for online friction in the digital checkout flow. They can streamline the online payment experience, helping to support customer loyalty and conversion rates.
Digital wallets are becoming more and more popular with younger generations and across the buying population.
Boosting your bottom line with broader payment acceptance
Not only is frictionless commerce providing a better experience for customers, it’s also pushing better margins for retailers.
In a recent survey:
New technologies like biometrics and payment tokenization have significantly enhanced the security of digital payments—helping reduce fraud and, ultimately, chargebacks. Ironically, it seems some buyers still have misconceptions about the security of digital wallets—when in fact, they are helping protect them. As these consumers become more informed, the popularity of digital wallets will rise.1
1451 Research©, Digital wallet adoption: A merchant and consumer perspective, January 28 2020.
2Voice of the Connected Customer: Digital Wallets (June 2019)
3PYMNTS.com Buy Now, Pay Later Tracker©, December 2019.