I remember getting some pocket money from my grandparents to run up the road for treats and the like some fifty years ago. As I’m researching this blog post I wonder what it would look like today. Would they quickly jump on their mobile phones and just do a cash send, or transfer some money quickly into my account? Probably. The whole idea of money and how people use it has changed. They tap, scan and QR code to pay for various services on bank notes that might be extinct before we get to know them.
What are digital wallets and what are they used for?
Before we get ahead of ourselves, what are digital wallets and how do people use them? A digital, or e-wallet is a piece of software that allows users to store, manage and use digital assets like electronic money, cryptocurrency and other digital currency on their mobile devices. They provide a secure and convenient way to make online purchases, transfer money and conduct transactions. Let’s look at some examples of how you can use a digital wallet.
Online purchases
You can use your digital wallet to buy things online without having to enter your card details every time.
Mobile payments
This is simply a digital wallet that sits on your mobile phone so you can pay for goods and services with your smartphone or other mobile devices.
Peer-to-peer (P2P) transactions
This technology enables direct transfers between users.
Loyalty programmes
Some digital wallets allow users to store loyalty points or rewards making it easier to use their benefits i.e. loyalty points when they transact.
Bill payments
You can use digital wallets to pay your bills like utility, telecommunications or any other recurring payments.
Examples of digital wallets
PayPal
Most people have heard of PayPal or used it to make an online purchase, send or receive funds, or pay their bills.
Apple Pay
Apple Pay is a digital or mobile wallet that allows users to make payments via iPhone, iPad, or Apple Watch.
Google Pay
Google Pay is a digital wallet and mobile payment service that allows users to store credit and debit card information, make purchases, and send money to others.
Samsung Pay
Samsung Pay is much like the Apple Pay service except it works on Samsung mobile devices. You can download the Samsung Pay app from the Google Store.
Venmo
Venmo is a popular digital wallet that allows users to send and receive money, split bills, and make payments to businesses.
Cryptocurrency wallets
These wallets are specifically designed to store and manage cryptocurrencies like Bitcoin, Ethereum and other digital assets. They allow users to send, receive, and manage their cryptocurrency holdings using a variety of features and tools, such as address management, transaction history, and security features like two-factor authentication.
Check out Truevo’s Apple Pay and Google Pay functionality if you want to streamline your online payments.
How can you set up digital wallet functionality on your ecommerce store?
- Get in touch with Truevo’s sales department to discuss your needs and set up an account.
- We offer various ways of integrating your ecommerce store to set up your specific checkout systems, depending on your needs and preferences. You can choose from Payment Widgets, Hosted Payment Pages, Payment Plugins, a Direct API, Pay by Link, or Subscription Billing to process payments seamlessly.
After setup, all you need to do is test and launch. But, let’s start with a simple chat. Reach out to us, and let’s get your payments rolling.
