Digital wallets: the global payments opportunity

Global expansion is a major driver for many online businesses, but that objective can often seem steep or even unattainable without the right tools and expertise at their sides.

As the world moves towards a future anchored in mobile commerce every competitive advantage matters.

“Ever-increasing demands on time mean that shoppers are naturally moving towards payment options that are fast, simple, convenient and secure”

Combine this with constant innovation and disruption in the payments space and it’s clear that retailers need to use every opportunity to stay ahead of the curve – removing friction around the payment process is essential.

In the past, if a merchant wanted to enter another international market they would likely have to research and integrate various regional payment methods and currencies, which could add complexity and drain resources.

In searching for a more agile and scalable strategy, businesses need to look towards more ubiquitous payment methods, such as digital wallets.

The future of global payments

Ever-increasing demands on time – and an understandable fear of fraud due to numerous data breaches within the sector – mean that shoppers are naturally moving towards payment options that are fast, simple, convenient and secure.

A simple concept for both consumers and merchants, digital wallets are proving a popular way for shoppers to pay for goods and services.

Braintree’s 2018 Global Payments Report found that 2.1 billion global consumers are expected to use a digital wallet to make a payment or send money in 2019 – a 30% increase from 2017.

Users save their payment details with the digital wallet provider, removing the need to re-enter card numbers on every website and allowing them to pay without worrying about the security of their data.

“2.1 billion global consumers are expected to use a digital wallet to make a payment or send money in 2019 – a 30% increase from 2017”

From that point on, checking out on any website that accepts that particular wallet becomes effortless and secure.

And every merchant that integrates with that digital wallet automatically receives the payment details required to process transactions quickly, safely and effectively.

By centralising transactions, retailers can not only increase payment volume but reduce processing fees too, making digital wallets the key to an agile and scalable cross-border growth strategy.