What Are Digital Wallets?
A digital wallet is like an online version of your physical wallet - it stores your payment information and payment methods in one place, so they're easily accessible when making online purchases. Digital wallets run primarily on mobile devices but may be accessible from a computer.
What Are The Benefits of Using Digital Wallets?
Digital wallets allow your customers to pay using their device, so they don't need to carry cards around. Once they’ve set up a wallet, they can then use their devices to pay for your products. Retailers often use wallets to reduce fraud and increase conversion on mobile. Customers confirm the transaction by authenticating their wallet credentials at checkout. If using mobile, they can authenticate with fingerprint or face recognition, their mobile passcode, or by logging into their wallet app. On the web, they can also scan a QR code with their mobile phone to complete the transaction.
Which Digital Wallets Does The Leap Offer My Customers?
The Leap offers five digital wallet options to your customers during checkout. All of them aim to make online transactions quick and easy, but they also have unique features, benefits and availability (depending on your currency and/or location).
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Apple Pay: developed by Apple and included with iOS and watchOS that allows users to store credit cards and debit cards for use via Apple Pay.
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Cash App Pay: available in the United States only, that allows Cash App customers to pay by scanning a simple QR code.
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Google Pay: allows customers to make payments using any credit or debit card saved to their Google Account, including those from Google Play, YouTube, Chrome, or an Android device.
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Amazon pay: optimizes your checkout experience by letting customers use the information stored in their Amazon accounts. Amazon Pay also includes flexible payment options that allow eligible shoppers to pay over time in installments, for no additional fees.
- Link: Stripe’s fast-checkout solution. It securely saves and autofills customer address and payment details, with support for credit cards, debit cards, US bank accounts, and other payment methods.
How Do I Enable Them?
If you have a Stripe Standard account, all five digital wallet options are enabled by default, so your customers can start using them now! The kind of digital wallet options available will depend on the country your customers are located in.
If you cannot see the digital wallet options on your checkout, it’s likely because you have a Stripe Express account. Please get in touch with us here and we will help you move over.