Mobile wallets as a sales conversion tool
By simplifying the payment experience whilst enriching it with various services, the digital wallet embedded on smartphones has become a conversion lever for retailers.
The Covd-19 locckdown is accelerating the adoption of mobile wallets. In this fast-growing market, more and more retailers are opting for these contactless payment solutions preloaded on smartphones, which combine payment methods (debit and credit cards), loyalty cards (coupons, gift cards) and services (insurance, transport cards). On a global level, the Americans ApplePay, Google Wallet and the Chinese AliPay (Alibaba) and WeChat Pay (Tencent) dominate this market, which is estimated to reach US$2,400 billion in 2021, up 24% year-on-year according to Finaria. By 2023, it could reach US$3,500 billion.