Nowadays, the e-commerce platform is becoming popular and it brings a large venue for business. It can also reach users from the long distance so that the digital payment methods are now an essential part of the business. Therefore, customers will feel more confident and easier during the shopping and payment.
If you have an online store on Shopify, you can consider the contactless payment and e-wallets. Contactless payment solutions appeared a few years ago. The Apple Pay and Android Pay are the popular applications which have been on the market for quite some time. Consumer adoption has remained sluggish while to interface with these payment methods, more merchants have implemented the near-field communication (NFC) technology required.
You could be missing out on sales if you fail to offer the option for contactless payment. The other option is e-wallet, such as PayPal or Venmo. Thanks to this solution, users can link debit or credit cards to a third-party platform and then send or receive payments.
E-wallets are quickly becoming the top payment option for payments and closing in on credit cards. Wallets can be integrated with online websites and payment gateways and they are suitable for low payments.
The wallets have the lower fees than debit and credit cards. However, the wallets can be used only by buyers within the same country.
E-wallets tend to be useful for people who need to send invoices and receive payments from a number of sources such as the independent contractors or freelancers. For merchants to maintain in the event a customer wants to pay through that source, they are also great options.
They connect directly to a user’s banking information. Thanks to this, it easy for customers to easily and quickly deposit the funds into the main account. This problem makes them a great pivot point for both sending and receiving payments.