According to research, an uptick in people’s time spent on smartphones is trickling to making payments through mobile wallets. It’s projected to reach a 1.33 trillion dollar mark by the year 2023 thereby creating massive opportunities for Ecommerce players.
You might be thinking about what the mobile wallet has to do with Ecommerce benefits. Here are the reasons that clear up the air:
- Worldwide customers are using mobile devices to do online shopping.
- The digital payments are more secure as compared to physical cards.
- Typing in address and credit card info is an awful experience for the customers.
- The one-click payment results in improved user experience.
- The wow experience increases conversion rate, overall sales, and ROI.
Integrating mobile wallets translates online shopping into mobile-first activity. The Ecommerce players can make bundles by keeping up with mobile payment trends. It’s interesting. Let’s dig deeper.
In the mobile wallet market, among all the key players, Apple Pay leads the way in maximum user base, market reach, brand awareness, and features set by 2020.
Let’s understand Apple Pay in-depth:
Apple Pay was officially released in October 2014 as a mobile wallet that allows the Apple device owners to make payments within apps and on the web. The technology enables the merchants to add Apple Pay as a payment option. It supports all Apple devices which include iPhone, iPad, Apple Watch, and Mac, and all the major debit or credit cards.
The security, reliability, credibility, and usability of Apple Pay make it a boon for the Ecommerce space.
It’s time to see how Apple Pay can help Ecommerce website grow boundlessly:
- Making the store theft-proof
Hardly, a year passes when the news of cyber-attacks won’t hit the news headlines. The stories of hack result in credit card information stolen, money losses, and the poor reputation of the retailer. It’s embarrassing.
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That’s where Apple Pay comes to rescue. With multiple layers of encryption and biometric authentication technology, making a hole in the Apple Pay wallet is implausible, which makes customers live with a peace of mind. See how?
The Apple Pay on the user’s device creates a device account number when a new card is added to the wallet. The device account number gets created through tokenization, which is stored on the user’s phone in a chip in an encoded form, and then the card information is deleted from the apple’s database.
When the user makes the payment using Apple Pay, the device account number is sent by the Apple Pay to the merchant, and the merchant sends the device account number, purchase amount, and unique transaction code to the bank to approve and verify the payment. Moreover, the merchants are also verified before the transactions take place thereby transaction made through Apple Pay is damn secure.
The hackers can’t steal the device account number, and even if they manage to do so, the device account number will be of no use as apple delete the card details as soon as the device account number gets created.
- Quick and easy checkout
The lengthy checkout form on the Ecommerce store is the equivalent of the long checkout lines at the brick-and-mortar stores, which deters the users from making the purchase.
Apple Pay eliminates the need to enter the billing information or payment information every time the user makes the purchase. The users require tapping or clicking on Apple Pay, and authorize the same with face or fingerprint identification, and the payment is done. It all requires an apple device or a device supporting the Safari browser.
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On mobile, it streamlines the checkout process due to a simple button instead of the long-form on mobile phones, which reduces the cart abandonment rate and thus, increases the conversion rate.
- Offer more than the mobile
The mobile wallet doesn’t indicate that payment through Apple Pay can be made on the iPhone or iPad only. Though Apple Pay is a mobile payment system, with macOS Sierra, the Apple Pay can be used to make payment for shopping done on the Mac computer. It delivers the mobile shopping experience on the Mac.
Additionally, when it comes to biometric authentication, the paired iPhone or apple watch will help. Taking a step ahead, when MacBook Pro used for online shopping, then in-built touch ID sensors enables authentication right on the Mac for apple transactions.
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- Increase conversion rate
Apple has more than 250 million users. The technology and the brand of Apple Pay help in building the credibility of the small Ecommerce stores when they checkout, which further aids in increasing conversion.
The convenience that Apple Pay offers during checkout enhances the shopping experiences, which translates into increased average order volume and conversion rate.
- Equally love web and the apps
The surge in mobile-first world shopping doesn’t signal online shopping has come to an end. Still, the medium and small-sized Ecommerce players are struggling to earn app downloads that’s why the traffic coming to the store is from web browsers. It makes it highly important to offer a seamless experience to the customers on the web browsers just the way it’s offered on mobile by the wallets.
Apple Pay excels at providing the consistent experience to the customers on every platform irrespective of the device the customers are using.
- Gain a competitive edge
It doesn’t matter whether your competitors have enabled the Apple Pay or not, but it’s necessary or you to provide Apple Pay during checkout to not let your users look further. It helps you leapfrog the competition because the customers stick with the Ecommerce store that facilitates the Apple Pay method.
Additionally, more than 60% of the traffic comes to the store from mobile and tablet, which makes perfect sense to bake Apple Pay in the payment options which allow you to stay ahead of the curve.
- Deliver the mobile-first user experience
We all know that mobile devices have become the de facto online shopping devices and this trend is expected to surge in the coming time, which makes it essential to optimize mobile shopping experiences.
Apple Pay enables frictionless mobile commerce through seamless mobile transactions. The mobile UX must be audited regularly to ensure the customers feel mobile-first experiences. Apple has worked a ton in improving mobile transactions through Apple Pay.
The mobile checkout plays an integral role in capturing more orders from the customers and increase sales. Apple Pay has answers to all the issues that interfere with mobile conversion during checkout. What’s more? In less than a decade, Apple Pay is integrated as a payment option by half of the Ecommerce stores and retail stores worldwide. Moreover, the popular payment platforms such as Shopify, Magento, Braintree, and Worldpay have integrated Apple Pay with the SDK to make Apple Pay implementation a breeze.
When the customers love to use Apple Pay, then it makes no sense to overlook the customers’ favored payment option, and thus the customers’ interest in your brand.