A payment method revolution is taking place across industries. If you own an online or physical business and are not already accepting e-wallet payments, you need to get on board.
What Is an E-Wallet?
An e-wallet, sometimes known as a digital wallet, is an electronic platform that allows users to store, send or receive funds, usually in multiple currencies.
The most successful to date is PayPal, which boasts over 360 million active users. However, plenty of other popular providers are all offering different fees for sending and receiving money. Crypto wallets also deserve an honourable mention. These must be used by anyone wanting to store cryptocurrencies like Bitcoin or Ethereum.
Interestingly, PayPal itself is already adapting to allow you to make crypto purchases.
Common Industries That Accept E-Wallet Payments
#1: The Gambling Industry
Online casino gaming has embraced this technology for a long time, with the best platforms accepting deposits from all the major providers. Sometimes an online gaming service might market themselves to promote their acceptance of an e-wallet, for example calling themselves a ‘skill casino’. But this doesn’t mean they won’t have additional e-wallets available for you to deposit or withdraw from. The reasons for this are commercial, as well as making it more convenient for gamers. Some players like to use the service to protect their bank details and increase personal safety online.
#2: Retail Ecommerce
E-commerce is another industry booming with e-wallet payments. More retailers and independent stores are accepting this type of digital transactions. This may have something to do with an increase in online businesses on Etsy and alike, but it may have to do with website design and developers being able to easily incorporate payment portals encompassing growing trend.
#3: Hospitality Industry
Some providers like Apple Pay have been accepted within brick-and-mortar venues, most notably coffee shops, bars and restaurants. Connecting these e-wallets to your smartphone device has made paying for on-the-go or sit-down drinks and food quick and convenient. The events of 2020 and the demand for contactless payments have fuelled this trend further, especially in the hospitality sector.
Is There an E-Wallet Revolution?
Businesses are always looking to cut process times and costs, and in the case of digital wallet payments, they are able to of either and sometimes both. They may reduce their bank transaction fees and make the process of servicing or supplying customers shorter. Tying these reasons with 2020’s demand for contactless payments in physical premises, it’s easy to see why a revolution is taking place.
How Can Businesses Respond to the Growing Trend?
If you are a business that accepts payments online or in a store, you can get involved by embracing digital wallets and accepting payments. You may want to identify the most commonly used online (such as PayPal) or the most frequently used in physical stores and restaurants (Apple Pay) to make the most of your investment.