Mobile wallets soon will turn into a more popular payment option as compared to cash by 2025, as a recent study by Deutsche Bank shows. If you want to know more research results and discover an unmatched bad credit merchant account for your e-commerce business, just read below.
Bad Credit Merchant Account & Mobile Wallets
The number of people adopting mobile wallets to make payments is on the rise all around the globe. The transaction value generated is expected to be nearly $190 billion in the U.S. by 2021. However, digital payments and in-store POS (point of sale) aren’t that much connected yet.
On the one hand, shoppers are looking forward to using mobile wallets to make purchases in stores. On the other hand, retailers with brick-and-mortar locations aren’t in a hurry to make it a reality, as the recent research from Blackhawk Network reveals.
Given the growing need to offer multiple payment options to your customers, it’s incredibly important to find a true payment expert to work with. With a reputable credit card processing company, you can enjoy quick access to the necessary merchant services, including a secure and cheap bad credit merchant account.
What Do The Numbers Show?
According to an ACI Worldwide and YouGov survey:
- 62% of U.S. adults worry about making mobile payments because of security issues.
- 7% are for mobile wallets at fuel pumps and convenience stores.
- 83% of those having already used a mobile app are satisfied with the speed and convenience offered.
Based on the survey by Deutsche Bank among 3.600 customers across the U.S., U.K., China, Germany, France, and Italy:
- Currently, Americans are making 13% of their weekly in-store purchases using a digital wallet on their smartphones or smartwatches
- The upcoming 6 months would add 33% more Americans to this number of shoppers using smartphone digital wallets
- 23% would be added to the number of people making purchases with smartwatch digital wallets
- Nearly 11% of U.S. respondents were going to use cash more in the upcoming 6 months.
As you see, offering the right digital payment capabilities is so much important for creating seamless checkout processes and boosting loyalty. After all, shoppers increasingly prefer to use a digital wallet across stores.
Author Bio: Blair Thomas has been a music producer, bouncer, screenwriter and for over a decade has been the proud Co-Founder of eMerchantBroker, the highest rated high risk merchant account processor in the country that offers the most secure and cheapest bad credit merchant account in the space. He has climbed in the Himalayas, survived a hurricane, and lived on a gold mine in the Yukon. He currently calls Thailand his home with a lifetime collection of his favorite books.