Digital wallets help you go everywhere your customers go
Your customers’ expectations are changing as digital innovations transform the path to purchase. Google and J.P. Morgan share timely insights into the future of shopping and how digital wallets are changing the way your customers expect to connect, interact and transact.
The e-commerce market continues to grow at breakneck speed. Online sales revenue in the U.S. topped $1 trillion in 2020 for the first time and the market is still growing at more than 10 percent per year1. This growth goes hand in hand with another rising trend – the convergence of physical and digital shopping experiences. Consumers now expect the best of both worlds and this need is increasingly being met through digital wallets.
Here are five ways digital wallets are changing customers’ expectations for speed, convenience and value.
Anytime, anyplace payments
We live in an on-demand world. We expect to be able to research at whatever time we want online, approve an invoice as soon as it arrives via email and even get a pizza delivered via our smartphone at midnight. Most of us keep our phones with us at all times, and with a digital wallet, our cards and banking details are with us too.
Personalized customer journeys
In a competitive sales market, being able to offer a payment journey that feels personalized to the needs and interests of the customer can be a key differentiator. This means more functionality to foster peer-to-peer payments, or to help people split meals with friends or bills with roommates.
Everybody loves a deal, and digital wallets allow loyalty programs such as air miles and store loyalty programs to be seamlessly integrated. Google Pay works with brands such as Burger King, Panera, Etsy, Warby Parker and many others to provide deals and discounts that are accessible via the digital wallet.
Some payment apps, like Venmo and Google Pay, can integrate P2P payments. This enables a user to split a restaurant or rideshare bill between friends and choose whether their share is drawn directly from their bank account or a debit or credit card.
Chances are you have already made this type of payment. Think of Uber, or a subscription wine or beer service, where the payments take place instantly and automatically, without the need for repeated authorizations. The checkout is disappearing into the background of each transaction—customers want to be able to shop securely, seamlessly, and with a minimum of interactions.
Connect with your J.P. Morgan representative to find the right
digital wallet solution for your business.
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