Mobile devices are everywhere, and consumers depend on them for their online purchases. With that in mind, more small business owners are choosing to use digital wallets to make payments of their products and services digital, without the need for cash, credit card or debit card. The year 2016 will be an important one for digital wallet acceptance globally.
Making the Switch
Shoppers are Demanding Tech Solutions
For your small business, providing the demands that smart shoppers want might start with incorporating digital wallets as part of POS systems. Popular examples are Apple Pay and Android Pay. While use in the U.S. is slower than in countries like Japan, use of the technology is still growing.
To get more consumers on board the digital wallet trend will involve educating them about the benefits of the payment method. They will have to understand why they can keep the credit card in their wallet or even at home.
Depending on the Type of Business
But whether using the digital wallet for 2016 makes sense for your small business or not depends on your industry. It would make more sense for a retail shop than a restaurant, for example. At a typical retail store, the consumer pays at the counter; that is where the digital wallet transaction can occur. This is more difficult to do with the diner who pays the waiter at the table.
How Digital Wallet Can Help Small Businesses
The benefits for small businesses who adopt the digital wallet method include additional security and convenience for shoppers. Your consumers will also appreciate that they are conversing with a company that is up to date on technological trends. Also, digital wallet systems such as Apple Pay have built-in loyalty programs that reward customers for their purchases.
While it will take some time for more small businesses to incorporate digital wallets, it is likely to be the wave of the future. For now, in 2016, small businesses can start to prepare for the technological future by learning more about the payment method and how it could be used within their POS systems.
