Payment Processing

Retailers Must Cope-Up With The Rise Of Mobile Wallet Transaction

Mobile wallet was not so popular before the arrival of COVID-19. But, after the arrival of COVID-19, the ecosystem has been changed completely. People have realized the positive aspects of using a mobile wallet. However, people have been using the mobile wallet for the past 5 to 6 years. It gained attention when Apple released its mobile wallet known as Apple Pay. It was released in 2014 and people have this app on their phones. But, the fact is that people did not give much preference to this mode of transaction. Instead of mobile payment, they relied much on card payments or cash payments.

Brett Narlinger, the head of global commerce of Blackhawk Network is of the opinion that before the arrival of coronavirus, the mobile wallet struggled a lot. People did not look for an option that they can use on certain devices. Moreover, retail merchants did not have advanced payment terminals through which they could receive mobile wallet payments.

Then COVID-19 arrived and the ecosystem of the online payment industry had been changed overnight. People suddenly started giving more importance to digital shopping. As a result, the number of the online transaction goes up. People are using credit cards and debit cards. But, along with these, they are also taking advantage of mobile wallets.

Mobile wallets basically allow contactless transactions. Yes, in such a case, the users will not have to touch the payment terminals. They will not have to enter the pin. Therefore, considering the present situation where maintaining a safe distance is important, mobile wallet transactions have become a necessity. Previously, it was used to indicate coolness and aristocracy. But, now, things have been changed.

Narlinger said that they suddenly noticed a jump in digital wallet transactions and it brought new opportunities for many companies. Blackhawk is not an exception as they are also planning to enter into this new digital payment space. The barcode technology, gift cards have already made the digital payment dynamic. The digital wallet feature will add a new dimension to this industry.

Merchants have to understand this new system. The digital wallet is fast and reliable. Moreover, customers will get a well-secured payment mode. The best thing is that merchants do not need an expensive point of sale systems or credit card machines. They just need a merchant account and mobile devices to accept this payment. It will create a solid impression on the customers.

The post-pandemic era will be different. Merchants must embrace this new technology to get ready for the post-pandemic era.

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