Spooky Season can be fun for the young and the young at heart, but for billers, monsters are no laughing matter. However, among the many tricks these ghoulish creatures love to play, there are plenty of treats for those able to tame and contain their monsters.
One recent treat that we have seen with a few of our clients is an uptick in digital wallet usage. Digital wallets offer many benefits to billers and consumers alike, making them an attractive addition to any billing and payment solution. And while Ingrid “The Frostbound” may love inertia, new data shows that now is the perfect time to make a move to incorporate digital wallets.
Consumers Increasingly Love Digital Wallets
A recent survey from Forbes highlights some interesting statistics regarding digital wallets (PayPal, PayPal Credit, Venmo, Apple Pay, Google Pay, etc.):
of Americans use a digital wallet
use a digital wallet at least once a week
across 30 largest cities use a digital wallet weekly
Digging in further, of the top 10 major U.S. cities that use digital wallets the most, nine have more than half of their respondents wanting to use digital wallets as a primary payment method.
The rapid growth of digital wallets as an everyday payment option should spur all organizations to consider their place within a comprehensive billing and payment solution.
Overcoming Ingrid
The monster Ingrid is defined by heavy and cumbersome systems that feel impossible to change and move into a modern solution. This includes adding new payment methods and channels without necessitating additional gateways, layers or vendors.
Let’s focus on Baltimore, which rated highest in terms of digital wallet usage in Forbes’ survey. 74% of respondents reported using digital wallets as a primary payment method. Where are they using their digital wallets? Everywhere.
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Next Steps for Billers
Spooky Season may be temporary, but inertia is not. The consumer preference for digital wallets continues to grow, inviting a unique opportunity for billers to add a popular payment method that is sure to drive on-time payments.
If your current solution provider cannot enable digital wallets without the need for added costs, contracts or gateways, your organization and its customers will ultimately suffer. Instead, look to billing and payment partners that can offer a holistic solution through a single tech stack. This will effectively allow your organization to add payment methods and channels without customizations, incurring tech debt or relying on third-parties.
Want to learn more about how Paymentus can help you add popular payment capabilities such as digital wallets? Check out this case study showcasing how Raleigh tamed Ingrid through the addition of digital wallets. You can also contact us to experience an exclusive demo of the holistic Paymentus solution.
