Digital Wallets 101
What is a Digital Wallet?
A digital wallet is a mobile app that allows users to simply and securely store payment information and make payments with merchants that accept digital wallet payments. Digital wallets can be linked to credit cards, debit cards or bank accounts, allowing for seamless and convenient transactions. Many digital wallets in Canada are now household names including Apple Pay, Google Pay, and Samsung Pay.
Popular Digital Wallet Solutions in CanadaAs mentioned above, popular digital wallet solutions in Canada include Apple Pay, Google Pay, and Samsung Pay. These digital wallets are widely accepted by merchants across the country offering a quick and easy way for customers to pay for their purchases. By accepting digital wallet payments, businesses can cater to a wider audience and improve the overall payment experience for their customers.
The Rise of Online Payments and Digital Wallets
Consumer Shift Towards Online ShoppingThe COVID-19 pandemic has propelled online shopping and contactless payments forward at a momentous speed. Post-pandemic, customers are much more likely to shop online and use digital wallet solutions to make payments. According to a survey conducted by Moneris, there was a 38% increase in digital wallet transactions from 2019 to 2020.
Digital Wallet Adoption in CanadaDigital wallet adoption in Canada is also on the rise. According to a report by Payments Canada, digital wallet usage in Canada increased by 36% from 2018 to 2019. This upward trend is only expected to continue as more customers become familiar with digital wallet solutions and prefer them over traditional payment methods. <IMAGE>
Top Reasons to Accept Digital Wallet Payments
Enhance Customer ExperienceAccepting digital wallet payments can provide an enhanced customer experience. Customers are able to make payments faster and easier as they press a button on their phone rather than fumbling with their wallet to pay manually. The digital wallet can lead to shorter wait times, improved customer satisfaction, and therefore increased loyalty.
Speed and Convenience
Digital wallet payments are quick and convenient. Customers can complete transactions with just a few taps on their mobile devices, eliminating the need for cash or physical cards. This can help reduce transaction time and improve the overall payment experience.
Reduce Checkout Abandonment Rates
Checkout abandonment is a common problem for businesses. Customers may abandon their purchases if the checkout process is too complicated or time-consuming. Digital wallet payments can help reduce checkout abandonment rates by providing a quick and easy payment option.
Improve Security and Fraud Prevention
Digital wallets use tokenization and encryption to protect sensitive payment information, making them more secure than traditional payment methods. Therefore, accepting digital wallet payments can improve security and prevent fraud.
Tokenization and Encryption
Tokenization and encryption are security measures used by digital wallets to protect payment information. Tokenization involves replacing sensitive payment information with a unique token, while encryption involves converting the information into a code that can only be deciphered with a key. These measures make it more difficult for hackers to access sensitive payment information.
Moneris' Commitment to Secure Payment Processing
Moneris is steadfast in providing secure payment processing solutions for businesses. We use the latest security measures, such as tokenization and encryption, to protect payment information and keep your transactions secure. Moneris also provides 24/7 live customer support to help businesses with any payment processing issues or concerns you may have.
Boost Your Business' Competitive Edge
Accepting digital wallet payments can set your business apart from your peers. By offering a wider range of payment options, you can attract more customers and improve their overall experience. Digital wallets are especially popular among younger customers, who are more likely to use mobile devices for shopping and payments.
Expanding Payment Options
Accepting digital wallet payments can help expand your payment options and make it easier for customers to pay for their purchases. This can lead to increased sales and revenue for your business.
Attracting Mobile-Savvy Customers
Mobile devices are now an integral part of our daily lives. By accepting digital wallet payments, you can attract mobile-savvy customers who prefer to use their mobile devices for payments. This can help improve customer satisfaction and loyalty, and ultimately, drive sales and revenue.
Incorporating Digital Wallets with Moneris
Seamless Integration with Existing Systems
Integrating digital wallets with Moneris is smooth and easy. Moneris offers a range of payment solutions that can be simply integrated with digital wallets, allowing for a convenient payment experience for customers.
A Range of Digital Wallet Solutions to Choose From
Moneris offers a range of digital wallet solutions to choose from, including Apple Pay, Google Pay, and Samsung Pay. These digital wallets are widely used and provide a quick and easy way for customers to make payments.
Moneris' Expert Support and Guidance
Moneris provides premier merchant assistance to help your businesses integrate digital wallets with your existing systems. Our team of experts is available 24/7 to answer any questions or concerns your business may have about payment processing.
Preparing Your Business for a Cashless Future
Why Going Cashless Matters
Going cashless is becoming increasingly important as more customers shift towards digital payments. Accepting digital wallet payments can help prepare your business for the future and ensure that you are able to cater to the needs and preferences of your customers.
Embracing Technological Advancements in Payment Processing
Embracing technological advancements in payment processing is essential for businesses looking to stay competitive and meet the evolving needs of their customers. By accepting digital wallet payments, your business can stay ahead of the curve and provide a better payment experience for your customers.
Unlocking the Power of Digital Wallets with Moneris
Join the Digital Wallet Revolution Today
Cashless payments are here to stay. Now is the time to start accepting digital wallet payments for your business. By partnering with Moneris, you can discover the power of digital wallets and provide a seamless and convenient payment experience for your customers
Moneris: Your Trusted Partner in Payment Solutions
Moneris is a trusted partner in payment solutions, providing businesses of all sizes with a full suite of unified payment solutions. With over 20 years of experience serving Canadian businesses, Moneris is committed to building better businesses for owners and their communities.
From retail POS terminals trusted by national chains and independent retailers, to all-in-one POS solutions for professional services, Moneris offers scalable payment processing solutions that can grow with businesses as their needs change. Moneris Go and Moneris Go Plus are their fastest, sleekest POS solutions that offer minimal setup time and enhanced security features to reduce card fraud.
The Moneris Go Marketplace features downloadable apps to help boost businesses, all-in-one gift and loyalty card solutions, and additional tools to help boost sales, increase visits, and stay connected. By partnering with Moneris, businesses can take their payment processing to the next level and provide an exceptional payment experience for their customers.
Accepting digital wallet payments can provide numerous benefits for businesses, including an enhanced customer experience, improved security and fraud prevention, and the ability to expand payment options and attract mobile-savvy customers. With the rise of online shopping and the shift towards contactless payments, accepting digital wallet payments has become increasingly important for businesses looking to stay competitive and meet the evolving needs of their customers.
In today's digital world, accepting digital wallet payments is becoming increasingly important for businesses. By partnering with Moneris, businesses can stay ahead of the curve and provide an exceptional payment experience for their customers, ultimately driving sales and revenue for their business. So why not join the digital wallet revolution today and unlock the power of digital wallets with Moneris?
At Moneris, we understand that as a business owner, it is important for you to be able to focus on running your operations as smoothly as possible.
Our integrated tools are designed to help you increase your income and achieve success. We believe you deserve products that are always connected and consistently perform at a high level, just like your business.