Hardware Retailing The Industry's Source for Insights and Information
Most consumers aren’t eager to retire their physical wallets, despite the option to consolidate what they carry in their pockets and purses by storing payment cards and coupons in digital wallets.
In fact, only 13 percent of adults in the U.S. have a digital wallet on their smartphones, according to a report by Gallup. Digital wallets are “technology that allows users to store credit and debit cards, cash, and loyalty cards and coupons to make electronic purchases using a digital device,” according to Gallup, a firm that offers research analyses.
More consumers than ever own smartphones, but many are hesitant to switch to using their phones as wallets. The Gallup report suggests that reasons for the hesitancy could include that they may not fully understand the technology.
Since your customers might be new to and experimenting with digital payment methods, be sure to train staff members to knowledgeably explain how the digital wallets work if your store accepts mobile payments.
The most popular tools for making digital payments are Google Wallet, Apple Pay and PayPal, so keep those in mind if you decide to get your business ready for digital wallet adopters.
