Are your customers still entering their credit/debit card details for making purchases on your eCommerce store? Now you can allow digital wallets to make their purchases easy, smooth & hassle-free.
What is Digital Wallet?
In the world of eCommerce business, digital wallet is an important feature for boosting your online sales & reducing your customer’s efforts.
Digital wallet or electronic wallet means transactions that run on mobile devices. Using a digital wallet your customers while shopping in your eCommerce store can pay using the device & they don’t need to carry their cards around.
A few examples of digital wallets are Amazon Pay, Apple Pay, PayPal, Paytm, etc.
Why use Digital Wallet?
In this fast-moving and busy world, every person wants to have an easy and secure way of transactions. This is when the digital wallet comes into the picture. The reasons why you should use a digital wallet are-
- They are more secure.
- Convenient to use.
- No need to use physical cards.
- Can Shop in one go.
- Gives a chance to earn cashback and rewards.
Types of Digital Wallet
There are three types of wallets-
1 Open Wallet- Open wallets are something which can be widely used & which can be used for multiple activities like ATM withdrawls, bank transactions or transfer of funds. These wallets are well connected with the banks.
2 Semi-Closed Wallet- Semi closed wallet are those which can be used at listed merchants/stores & allows both offline and online payments. For this, merchants need to sign and agreement of onboarding with the wallet issuer.
3 Closed Wallet- Closed Wallets are those in which users have transaction boundaries i.e., they can only make transactions with the wallet issuers or with other users that have same digital wallet.
Any company/Ecommerce business can create a closed wallet for their users.
Looking for a Wallet System for your Shopify Store?
You own a shopify Store and want to provide a hassle free payment experience to your customers then you are at right place.
We have an app named “Webkul Wallet Management” for shopify using which you can introduce wallet feature for your customers. Using this your customers can use wallet for making payments, to recharge wallet and even receive refund and cashbacks in the wallets.
Winding Up
By now, it is clear how useful and efficient is the wallet concept for the ecommerce industry. Digital wallets makes purchases easy and secure. Moreover, for Shopify store we are here with the best and easily configurable app that will enable wallet system for your customers.
Looking for Wallet app for Shopify store? wallet-management
In case of any questions, do let us know in the comment section below.
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