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Digital Wallets: What’s Good for the Payments Industry is Good for Retailers…Right?

July 5, 2023

As the online payments industry continues to evolve, new digital wallet solutions, such as mobile payment apps and e-wallet platforms, are becoming increasingly popular and reshaping the way consumers transact. As new payment options continue to gain traction, traditional payment methods, including credit cards, can’t compete with the convenience of digital wallets. Adding popular new payment options can improve the shopping experience by reducing the friction associated with checkout, making it faster and easier, but there are some pros and cons that brands should consider first.

While these payment options do offer convenience to consumers, and increased conversion rates to retailers, here are four pros and four cons to consider before embracing this evolving trend.

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