The advantages digital wallets have over cards There are fewer upfront errors from invalid data because digital wallet providers present consistent validation before the data is stored in the digital wallet.Issuers are sending fewer errors for expired cards, because digital wallets utilize EMVCo payment tokenization standards that allow issuers to renew the underlying card details without invalidating the credentials merchants use secondly.Globally, Worldpay data shows an acceptance uplift of digital wallets like Google Pay over traditional card entry. Customer satisfaction increases, and businesses are saved the hassle of continually updating customer cards. This kind of payment flexibility means businesses can protect their revenue by avoiding the customer churn that results from lost, stolen and expired cards. With a solution like Google Pay, saved payment methods continue to work even when a card is replaced. Digital wallets benefit from increased acceptanceĪ digital wallet that uses card tokens along with advanced customer authentication leads to higher transaction approval rates than card-on-file transactions. While Worldpay processes significantly more volumes for cards, the reduced chargeback trend still stands as some card schemes offer a liability shift for using digital wallets, and friendly fraud is reduced with biometric 2FA authentication for digital wallet transactions.
When we compare chargeback rates between cards and digital wallets, Worldpay research shows that digital wallets have a 99.6% lower chargeback volume than card transactions. By using a card token instead of the actual card number, a digital wallet solution like Google Pay encrypts and secures stored customer information in transit and at rest. Take advantage of enhanced security with digital walletsĭigital wallet solutions that incorporate advanced security solutions like tokenization and biometric authentication help reduce the threat of fraud and chargebacks. With fewer steps required, customers are more likely to complete their purchases and not abandon their shopping carts. For example, when a business implements the Google Pay digital wallet in its app or website, customers can check out using the payment information securely stored in their Google account. One of the primary advantages digital wallets offer is a smooth e-commerce experience with fewer clicks to check out. Globally, more than half of all e-commerce transactions are expected to be made with a digital wallet by 2023, according to Worldpay’s Global Payments Report.Īs digital wallets outpace cards in transaction acceptance rates, what can digital wallets do to improve the checkout experience as businesses look to a post-pandemic future? Digital wallets offer a smoother e-commerce experience Additionally, digital wallet usage grew even at the point of sale, rising over 21% in 2021.
is 25% higher than a typical card transaction. Worldpay from FIS® research shows that the average transaction value of a digital wallet transaction in the U.S. Modernize treasury and optimize the balance sheetĬonsolidate and automate for maximum efficiencyĮngage your customers across every channelĭigital wallets have been trending for years, but adoption increased during the COVID-19 pandemic. Increase revenue through smarter centralization, authorization and validation Simplify domestic and international payoutsĪccelerate real-time and other account-to-account payments Power payments on your marketplace or platform Modernize, launch and scale banking innovation Modernize customer deposits and increase satisfactionĭrive operational efficiency and customer satisfaction Optimize the onboarding experience across digital channels
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