Have you ever seen someone get their total at the grocery store and go for their phone instead of their wallet to pay? In that case, it’s likely they’re using a mobile wallet – like Apple Pay or Google Pay – to foot the bill.
Mobile wallets (a.k.a. mobile payment apps) arrived with the release of Apple Pay in 2014. Following that launch, this digital payment method has become a staple for both in-store and online purchases over the last six years.These digital wallets are clearly disrupting the payment landscape – but why? What about this mobile feature makes it such a popular payment option?
Let’s dive into the ins and outs of mobile wallets and why this is an important payment option to offer customers.
What are mobile payment apps/mobile wallets?
Mobile wallets are, essentially, virtual wallets that store payment card information on a mobile device. Customers only need to enter their payment information in their mobile wallet once before they’re able to use this digital option at a retailer. What’s more, that stored payment information is then accessible for online payments – i.e., on a website or a payment portal – creating a truly omni-channel user experience.
In order to make a purchase at a retailer with a mobile wallet, customers simply need to hold their phone close to the point-of-sale (POS) terminal, which reads the payment information and processes the transaction. For online payment providers that have enabled this innovative option, customers select Apple Pay or Google Pay to complete their payment.
The cross functionality of the mobile wallet seamlessly streamlines the payment process, saving customers from repeatedly entering card information and creating unparalleled ease-of-use.
The rise of mobile wallet technology
Apple Pay kicked off the mobile payment trend in 2014, but since then a slew of competitors have introduced their own mobile wallet function.
In the last few years, the industry has seen the release of Samsung Pay, Chase Pay, Google Pay, and more. And based on the spike in payments using these mobile wallet options, it’s no wonder why we’re seeing so many iterations.
eMarketer estimates that mobile wallet payments will grow to around $162 billion in 2021, which means this payment option is rapidly becoming an essential option for retailers and billers alike.
Why are Apple Pay and Google Pay important features for online bill payment?
So, mobile wallets are an increasingly popular way to pay in-store and online – and for good reason. But why are they such an important feature for billers to add to their arsenal?
First, consumers are already using it. Apple Pay is projected to reach 227 million users worldwide this year. Google Pay is expected to close the gap between its mobile wallet and competitor option, Samsung Pay, by reaching 100 million users worldwide in 2020.
Between the two apps, billers are covering over 300 million users by offering mobile wallets as a payment option. Access to this streamlined method could mean a sizeable uptick in regular payments, since mobile wallets have already been adopted by a large segment of consumers. (Especially millennial and Gen Z customers, who were the earliest adopters of the mobile wallet feature.)
And let’s not forget the incredible customer experience apps like Apple Pay and Google Pay can provide. Enabling customers to pay with information they already have stored through these mobile wallets means a one-step way to pay. The speed and convenience of this omni-channel experience gives customers another no-hassle option for making quick, regular payments.
Apple Pay and Google Pay for Invoice Cloud
Apple Pay and Google Pay are the newest payment method available to Invoice Cloud users. Your customers can now use their laptop, tablet, or mobile device to make one-time payments with either mobile wallet option.
Odds are, your customers are already paying on-the-go, since Invoice Cloud already allows simple, one-time payments on a mobile device. The addition of Apple Pay and Google Pay makes it even easier, all while increasing your online payment adoption rates and improving overall customer satisfaction. This new option even boasts extra security, with both mobile wallet options requiring an additional method of authentication beyond the CVV code.
Since Invoice Cloud is a true SaaS platform, organizations automatically have access to this feature. It’s already available to your customers, ready to level-up their user experience.
Want to learn more about these new mobile payment options or see Invoice Cloud in action?