three benefits of the electronic wallet

The way to pay has changed forever. Many users have said goodbye to cash and have placed their trust in electronic wallets. 54% of them have a wallet application and 95% use it to pay, while 17% rely on this method to manage subscriptions, according to the survey “New habits in payment methods in Spain” Realized by PaynoPaina Spanish technology company specializing in the development of online payment tools.

Wallets have become the second favorite method to buy in physical stores, with 16% of followers -the card is the first-, and they rank fourth when it comes to purchasing products or services online, with 15%, behind the card, Bizum and PayPal, which are in first, second and third position respectively. To understand why the e-wallet has taken off, PaynoPain details three key benefits:

  • Speed, autonomy and contactless experience: when a business has its own wallet app, it can offer its customers the option of paying without cash, cards or dataphones. They just need a simple QR code scanning system. In a comfortable way and with little intervention from the employees, the customer buys and pays in the store, thus digitizing the brand-user relationship. Technologies such as the payment ecosystem CHANGE IT They allow you to concentrate an infinite number of payment functionalities, money transfers, POS applications and even loyalty programs.
  • Customer loyalty: Using wallet technologies such as PaynoPain’s, a small business can turn its clientele into recurring customers and stand out from the competition through discounts, promotions or point cards that guarantee an agile or autonomous user experience. Having a wallet application has always been a differential value. This trend has increased in recent years with the rise of apps.
  • payment security: electronic wallets have all the necessary security measures to avoid any risk of theft, both to the client and to the merchant, and comply with the European PSD2 payment regulations. They are a guarantee of peace of mind.

Customers have grown accustomed to digital payments and have left cash behind. For this reason, offering different methods for purchases has become an obligation for all those businesses that want to be competitive so as not to lose their market share. In these new payment methods, wallets appear, which have gained special strength when it comes to purchasing products or services in physical stores. The reason is very simple. It is a win-win relationship: customers do not need to carry physical money and small businesses guarantee the contactless experience that consumers are demanding”, he maintains Jordi Nebot, CEO and Co-founder of PaynoPain.

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