You have been there many times. Rummaging through the wallet to find your credit card or cash may have made you frustrated endless times in the past. It may feel like it’s going to take a lifetime to find what you are looking for. Especially when standing in a queue, the deep sighs of the person standing behind is indeed a big trouble. Are you ready to come out of such fixes when you never get hold of the right amount or an invalid card to make a payment? Contactless payment systems have gained popularity among businesses and consumers. Thanks to the pandemic. A digital wallet is one of them that stores all your payment options. So, you can now use the smartphone or the smartwatch to buy.
Statistics of digital wallet: things to know
Is the digital wallet going to be the showstopper in the coming years? Is it going to be a major aspect of contactless payments? The truth is that this smart mode of payment has been around for a decade now. But when you talk about them gaining attention, the pandemic has spearheaded the move. Research indicates that about 40% of Americans used the digital mode of payment before the pandemic. Towards the end of 2020, metrics changed and it jumped over 50%. Does that look like an upward trend? Indeed. The new mode of payment is here to stay but you need to stay safe while using these methods.
Safety of the wallet
Every new technology comes with some loose ends and this is what may be a matter of concern, especially when it involves sensitive banking information. The good news is that the digital wallets come with built-in security features or tokenization to keep your card numbers secret during payment. When you rely on this mode of payment, you need not send the payment cards to the merchant. The token that it generates contains random numbers and is good for one-time use, and that is what processes your payment. So, forget about making your personal information insecure.
You might also worry about data theft in case your mobile phone is stolen. But the risk is lower than losing your physical wallet. The moment you lose your phone, you can freeze a couple of your cards remotely or rub off all the data in your phone to stay safe. Besides, you can also follow a few security practices to stay safe while using the digital wallet. So, contactless payments are here to stay and for keeps. With retailers vying for tech-based point of sale systems, shopping is all set to get to a new height. So, start downloading the digital wallet app and enter the details of your card to spend as much as you want without resorting to the age-old payment systems.
Why should you rely on contactless payments?
The security features of touchless payment methods are what make them noteworthy. So, if you are still quivering about how to set up contactless payments, it’s time you pour over the reasons for switching to them.
- More and more people are switching to the digital mode of payments and the retailers inquiring about software to streamline the process and boost the revenue.
- Customers in retail stores look for convenience and software is the answer to address their needs.
- With the mobile mode of payments getting over the traditional money-exchanging method, it is coming of age.
- Paying in a retail outlet or a restaurant has turned quicker than the physical cards, cash, or check.
- You need not enter the card details manually and still get all the rewards and points.
- Finally, it lessens the bulk of cards and cash you need to carry when stepping out of the home.
While the customers rejoice at the fast payment system, software like the retail point of sale systems from RCS is the way to go. The company has the best packages for the retail industry players. So, take the plunge and get your payments in the shop streamlined like never before.
Know the downsides:
It’s more about the users banking on mobile wallets. Unless you have a planned approach and know how much to spend each time, the convenience may make you a spendthrift.
The digital wallet is undoubtedly one of the most revolutionary aspects and is slated to rule the world for more decades. So, take your pick from the mobile wallets and change the shopping experience forever.