Search
Close this search box.
Blog » Business Tips » Is Your Business Compatible with Digital Wallets?

Is Your Business Compatible with Digital Wallets?

digital wallets

One of the growing trends right now is a move toward digital wallets. Mobile payments are increasingly popular, even in brick and mortar stores. If your business is going to succeed, you need to consider whether or not your business is compatible with ecash digital wallets.

Payment systems are becoming increasingly mobile, and your business needs to be ready for that, or risk falling behind.

Millennials Don’t Trust Banks or Credit Cards

There is evidence to suggest that millennials don’t trust banks — at least not as they are currently constituted. According to the Millennial Disruption Index, banking is at the greatest risk of disruption. Many millennials aren’t interested in traditional banking.

I maybe make it into the bank once every two or three months. I live in an area where cash is still a big part of many transactions. But that is likely to change at some point in the relatively near future.

Not only that, many millennials aren’t interested in credit cards. They prefer debit cards. Digital wallets that connect them to their own money are more likely to gain traction than those that focus on stored credit cards.

Don’t forget that, in many cases, millennials are interested in using mobile payments to send money person to person instantly. They use epayments in a way that is different from many of those that have come before. Being compatible with digital wallets that allow for these instant interactions, without the need for an exchange of bills or any sort of a physical swipe is essential for your business success in the coming years.

Could Individual Payments Be Next?

Smaller, leaner, more mobile businesses might even benefit from a trend toward digital wallets. Right now, businesses pay a cut to payment processors, whether it’s MasterCard or PayPal. In some cases, though, it’s possible to even manage your own payments. Starbucks has its own payment app that allows you to order and pay for your coffee from your phone.

Facebook lets you send money, instantly, to others. There are a number of companies creating their own digital wallets and payment systems that allow them to get around the increasing fees from credit cards and other processors.

If you want to be able to better interact with your customers you need to be on top of digital wallets. Being able to accept payments electronically is a big deal because the rising generation isn’t going to pay with what we consider traditional methods going forward. Look ahead to what is likely to be the next step.

Figure out how you can incorporate digital wallets and mobile payments into your system. Helps you move forward with your business, and offer your customers the payment options they prefer.

About Due’s Editorial Process

We uphold a strict editorial policy that focuses on factual accuracy, relevance, and impartiality. Our content, created by leading finance and industry experts, is reviewed by a team of seasoned editors to ensure compliance with the highest standards in reporting and publishing.

TAGS
Credit Expert
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.

About Due

Due makes it easier to retire on your terms. We give you a realistic view on exactly where you’re at financially so when you retire you know how much money you’ll get each month. Get started today.

Categories

Top Trending Posts

Due Fact-Checking Standards and Processes

To ensure we’re putting out the highest content standards, we sought out the help of certified financial experts and accredited individuals to verify our advice. We also rely on them for the most up to date information and data to make sure our in-depth research has the facts right, for today… Not yesterday. Our financial expert review board allows our readers to not only trust the information they are reading but to act on it as well. Most of our authors are CFP (Certified Financial Planners) or CRPC (Chartered Retirement Planning Counselor) certified and all have college degrees. Learn more about annuities, retirement advice and take the correct steps towards financial freedom and knowing exactly where you stand today. Learn everything about our top-notch financial expert reviews below… Learn More