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Iris payments enter Empik stores
A digital wallet is a type of software that securely stores payment information and acts as a virtual version of a wallet, allowing users to make purchases (in-store and online) and make money transfers without the need for physical cash or cards. Thanks to this, more and more customers decide to use these solutions.
On the wave of growth: USD 16 trillion by 2028
According to Capitaloneshopping.com's forecasts prepared in the Digital Wallet Statistics 2024 report, by 2028 the global total value of digital wallet transactions will increase by 77%. and will exceed USD 16 trillion. The global number of digital wallet users is also expected to increase by 53% by 2026, reaching 5.2 billion, or over 60%. world population.
In turn, at the end of March this year, customers of the largest Polish banks paid contactless using, among others, Apple Pay and Google Pay over 385 million times – according to data collected by cashless.pl. Compared to the previous quarter, this means an increase in the number of transactions by over 16 million. In reality, however, this number may be much higher, because not all institutions provided current data.
– We can also expect such increases in Poland. According to our study "Cashless payments in Polish SMEs", 58 percent companies with a terminal expect an increase in the share of cashless payments in the coming years. Many of these new users will certainly choose those added to their digital wallet instead of a physical card, says Krzysztof Polończyk, president of the management board of Fiserv Polska, owner of the PolCard from Fiserv brand. – The growing popularity of digital wallets is also important news for entrepreneurs, because users who prefer e-wallets usually do not carry cash or even a wallet with them. Therefore, if cashless payments are not possible at a given point, such a customer may completely abandon the purchase and skip such a place in the future – he adds.
How can entrepreneurs accept digital wallet payments?
Business owners have a variety of payment solutions to choose from that can be tailored to their needs to improve the customer experience and streamline transaction processes. There are a number of modern payment tools on the market that enable the acceptance of non-cash transactions.
The Link Generator is an ideal solution for companies that offer products or services mostly stationary or do not have their own website. For example, a seller of personalized products can generate a unique payment link, which the customer can pay in their preferred way – by card, BLIK or transfer.
In turn, a payment gateway works well in online stores with a fixed price list. Thanks to it, customers can quickly and safely pay for purchases using various payment methods, including payment cards, BLIK codes or digital wallets (e.g. Google Pay, Apple Pay).
Payment terminals are preferred in stationary stores. These can be traditional stationary devices, mobile terminals or telephone terminals, such as the PolCard Go application, which works on smartphones with Android and an NFC module built into the phone. Most terminals have the option of integration with a cash register, which additionally speeds up the service process and increases its security. Thanks to these solutions, customers can pay with their phone, watch or key ring, which further improves the shopping experience. Each of these options guarantees convenience – when leaving home, the customer does not have to remember to take a wallet full of cards or cash.
Cashless era
– Acceptance of digital wallets is a key element of modern business. It enables transactions to be carried out without a physical card or cash, which meets the needs of modern consumers who value convenience and speed – comments Krzysztof Polończyk.
The e-wallet trend is unstoppable, and companies that adopt this technology gain in competitiveness. Digital wallets not only make life easier for consumers, but also bring tangible benefits to businesses that do not lose customers who love this payment method.
