In today’s technology-driven age, the reason and scope of sending bills have gone beyond prompting customers to pay. The eBill has changed the traditional way of sending statements and invoices. A biller can offer additional value to their customers by sending an eBill and enable them to pay through mobile payments or customized digital wallet solution.
Instead of sending invoices via email, you can facilitate your customers to pay by using their smartphones by sending mobile eBills. It is a highly innovative approach and you can get payments in a faster way. Let’s go through the way mobile eBills and digital wallet solutions make payments faster than the same through traditional means.
Role of Mobile Payments and Digital Wallet Solution in Online Payment
Be it a coffee shop, a superstore, or an eCommerce website, the facility to pay using a mobile phone is prevalent. This advanced and convenient way of payment is based on the digital wallet. A digital wallet solution is a great option for cash and card-based transactions. It brings the transformation in the way people pay for various products.
With almost the same number of people vs. cellphones (7 billion people vs 6.8 billion mobile phones), we can certainly expect that digital wallet and mobile-based payments are here to stay. People embrace it because it is fast, secure, and more personalized. There is little or no chance of fraud. Because of these reasons, the digital wallet is gaining ground swiftly.
Let’s take an example of the US. On one hand, various countries have digital wallet services available for eCommerce transactions and offline store purchases. On the other hand, the mobile wallet app development company integrates NFC capabilities of the device with the digital wallet. Apple Pay and Android Pay are popular examples of this feature. PayU and SnapScan apps can utilize funny QR code images and simplify checkouts in online or in stores.
Seven Major Benefits of Digital Wallet Solution
Here are eight big reasons why you should opt for a digital wallet solution-
- High Convenience
The digital wallet enables users to complete a transaction with a tap or wave of the mobile at the checkout terminal. In a way, the digital wallet provides high convenience by completing the checkout process rapidly.
- More Efficiency
The digital wallet is a highly efficient tool to complete the online transaction. Users need not make efforts to find a purse or wallet for finding the right card. Also, with the growing number of wallet users, the businesses will witness shorter checkout processes.
- No Physical Wallet Necessary
The digital wallet solution is designed to replace the physical wallet. All we need to keep the phone with us every time. If payment cards are stored in the digital wallet, it is easy to pay at accepting stores for the users.
- Better organization
Users can easily organize credit cards, loyalty cards, and membership cards in the digital wallet. Also, some digital wallets offer the discount or reward points that can be used exclusively with the purchase using wallets. In a way, users can keep their card-related data safe while enjoying the benefits of digital wallets.
- Improved Security
Unless a regular wallet where all your cards have been kept randomly, your phone has various controls like gesture control, voice-based control, and passwords. Even if someone finds or steals your phone, it is not easy to get access to the digital wallet. In other words, no one can physically reach into the digital wallet and get details of a credit card. What’s more, when the online or in-store payment is made, only a unique transaction identifier or a token is exchanged.
Here, it is necessary to mention that no online or brick-and-mortar store, where you use a digital wallet, has any information about your bank account or credit cards. It certainly enhances the security of your financial data.
- Reward Program
The digital wallet solution enables you to run a reward program. You can give a loyalty bonus or some reward points for using the digital wallet. Users can see all the information right away in the digital wallet.
- Cost-effective Solution
Digital wallets offer customer-friendly features and provide convenience to users for free. Simplicity and convenience are two important characteristics of a digital wallet.
A feature-rich digital wallet can remain cost-effective for businesses and convenient for customers. The mobile wallet app development company can assist you to come up with a digital wallet and send mobile eBills. You can add value to your business with the help of such a wallet and eBills.