Growing customer demands and rapid technological advancements are driving the players in the e-commerce industry to offer digital wallet platforms to enhance their value proposition. Several tech companies and communication service providers are offering digital wallet payment solutions to capitalize on the surge in the e-commerce industry. The digital wallet and payment solutions promote the usage of digital or virtual cash; thereby, eliminating the need for physical cards and cash. As a result, individuals can make payments for e-commerce transactions using the digital wallet by connecting their bank accounts to the mobile payment platform. Payment solution companies like PayPal, tech companies like Google, Samsung, and telecommunication providers like Vodafone and Verizon have forayed into the global digital wallet and mobile payments market.
Digital Wallet and the E-commerce Industry
Consumers are increasingly using their mobile devices to transact with various e-commerce platforms. Customer loyalty in the e-commerce industry is extremely low because of factors such as insufficient payment options and slow checkout processes among others. Digital wallet aims at enhancing the shopping and customer experience by offering new modes to expedite and secure transactions in the e-commerce industry. Besides this, the digital wallet and mobile payment solutions improve business performance and facilitate strategic decision-making in the e-commerce industry. The electronic commerce companies can drive customer experience by offering easy-to-use and quick payment solutions to customers and merchants alike through different channels such as apps, digital wallets, virtual payment solutions, and other contactless technologies.
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Digital Wallet – Driving Customer Experience and Building Confidence
It is imperative for financial institutions and companies in the e-commerce industry to have measures in place that help improve the overall customer experience and build confidence in digital transactions. But to drive customer experience and confidence in digital wallet solutions, there are a few areas that have to be considered.
- The e-commerce companies must leverage customer analytics and understand the mobile and internet penetration in the target market
- Tokenization is a method to ensure data security and facilitate seamless transaction via a digital wallet, internet banking, and other payment gateways
- The mobile payment and digital wallet solutions have transformed the banking and e-commerce Every service provider in the e-commerce industry is adopting digital wallet options and QR code mechanisms to drive authentic and fast payments
- Developing robust security measures to ensure safe, secure, and resilient technology infrastructure will essentially help build customer confidence and improve customer experience
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Digital Wallet in the News: Google Wallet
Google Wallet is a mobile payment and digital wallet product by Google that offers an easy-to-use platform to send and receive money through multiple options such as the google wallet app, in Gmail, or through the web. This is quite simple as individuals can just use the email address or the phone number of the recipient to send/receive money; thus, eliminating the compulsion to download an application. Recently, the tech giant released a virtual wallet and mobile payment platform, Google Pay, in the Indian digital wallet market space. Google Pay doesn’t require the user to store money in the app to send or receive payments but works as an extension of the individual’s bank account.