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Do You Really Need to Add a Mobile Wallet for Your Customers?

Updated on January 17th, 2022
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In recent months, there has been a lot of interest in mobile wallet applications for payments. You can provide another payment option for your customers if you set up your system to accept mobile wallet transactions. It’s possible to add a mobile wallet of your own as well.

However, before you update all of your payment systems to accept payments by smartphone, it’s a good idea to think things through. Paying by cell phone has been slow to catch on in the United States. It might not be worth the trouble and expense to update your point-of-sale terminals just to accept phone payments.

Many Consumers Still Aren’t Using Mobile Wallets

Before you add a mobile wallet or upgrade your terminal, realize that many consumers still aren’t using mobile wallets. Many of them find it just as convenient to reach for plastic as they do to wave the phone about.

In fact, depending on the way you manage the payment, it can be more inconvenient. When using a phone to pay, a consumer has to pull out the phone and choose a payment method. Sometimes, the mobile wallet isn’t compatible with a loyalty program, coupons, or gift cards. In those cases, it just becomes cumbersome.

The United States has lagged behind other countries in adopting mobile payments. Many consumers just aren’t interested. As a result, it might not make sense for you to change up all of your terminals in your business just to appeal to the very few who use their phones to pay regularly.

Can You Add a Mobile Wallet with Value?

One exception to the mobile wallet situation seems to be Walmart Pay. This is because Walmart offers a mobile wallet that integrates with different aspects of the shopping experience at Walmart.

It’s possible to apply coupons, gift cards, Savings Catcher rewards, and other items in the app. So, those who use it can enjoy an experience that is fairly complete. If you decide to add a mobile wallet capability to your own business, being able to offer a comprehensive system that integrates with your own programs can help.

However, this might not be practical for your business. After all, it works for Walmart because the shoppers are often loyal, and they go there for everything, from groceries to housewares to clothes. Without that loyal base, developing a mobile wallet custom for you business might not make sense.

Consider Your Payment Offerings

Instead of worrying about whether to add a mobile wallet to your offerings, think about how your customers pay. The reality is that you aren’t likely to see customers ready to pay by waving their phones in front of your terminal.

What you can do, though, is use a payment system that makes it easy for your customers to pay the way they want to. Make sure you have an online payment processor that accepts major credit cards. You can even consider accepting P2P payments from PayPal or Venmo if it makes sense for your business.

Find out how your customers prefer to pay. There are plenty of tools to help you make sure you are flexible in the way you accept payments for your business.

Miranda Marquit

Miranda Marquit

I'm Miranda and I'm a freelance financial journalist and money expert. My specialties are investing, small business/entrepreneurship and personal finance. The journey to business success and financial freedom is best undertaken with fellow travelers.

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