06 Mar 2023
E-commerce customers expect convenience and speed in their checkout experience.
Digital wallets allow users to checkout in a few easy steps, without needing to take out or find their wallets or remember card numbers. They also pre-fill addresses and contact details which makes checking out even faster. Usage is especially high on mobile.
Digital wallets increase security by offering Two-Factor and Biometric authentication like fingerprints and FaceID. The most widely used are PayPal, Apple Pay and Google Pay.
The growth of digital wallets
Consumers are becoming increasingly comfortable in the use of digital wallets and are beginning to expect them as part of their online shopping experience.
By 2025 it is anticipated that they will account for more than half of global ecommerce transactions.
Currently, over a third of cart abandonment reasons are associated with payment methods. Offering the option to pay using digital wallets at the checkout stage can reduce time and effort for the consumer, in turn increasing checkout conversion rate.
Improving your user experience with digital wallets
To improve your checkout experience you should:
- Conduct user testing to see any areas of improvement needed for your checkout process, and how your website fits into users’ shopping habits
- Incorporate these findings into an improved checkout flow
- Add digital wallet payment methods such as Google Pay, Apple Pay or Shop Pay (for Shopify stores)
- Monitor performance and test often to ensure user needs are being met
If you need support in improving your website’s checkout experience, get in touch with our UX team today.