By integrating Apple Pay and Google Pay, businesses are not just offering convenience to their customers; they are actually taking a strategic step. Many studies have shown that customers are twice as likely to abandon their card if their preferred payment instrument or mobile wallet is unavailable.
When a merchant activates Apple Pay, Google Pay, and similar wallets, whichever is prevalent or popular in the country where the customer is making the payments from, then the business experiences reduced friction at the checkout. It also speeds up the transaction and definitely encourages repeat purchases.
Mobile wallets also provide a very advanced and secure defense against fraud. These popular mobile wallets use tokenization as well as biometric authentication. All this reduces the risk of data breaches and chargebacks. Business owners across different industries, such as retail, hospitality, and even healthcare and subscription services, can benefit a lot by offering popular wallet payment options to their customers. These benefits include a higher conversion rate, better customer trust, and an overall increase in the business operations.