Digital wallets offer convenience, ease of use, and increased security. Customer information is stored to speed up the checkout process, as customers can skip the lengthy checkout forms. Fraud tools used by digital wallets can also help reduce the risk of fraudulent transactions.
Key Merchant Benefits
Reduced Cart Abandonment is the most significant benefit of enabling digital wallets. By simplifying the buying process, more online shoppers will complete their purchase. In a Statista survey of shoppers who abandoned their carts, 21% thought the checkout process was confusing or too long.1
Increased Security with the most secure online transaction method to date. Payment card data is a massive target for cybercriminals. A digital wallet transaction is different from a credit or debit card transaction because it uses tokenization technology. Randomly generated identifiers or “tokens” replace the credit card numbers. After the purchase, the number is useless.
Top Digital Wallets
Apple Pay, Visa Checkout, PayPal and MasterPass are popular forms of digital wallets.