Payment Processing for Digital Wallets

Payment processing for digital wallets is the handling of transactions performed online from bank-related digital channels by a company that is appointed by the merchant.

What are Digital Wallets?

Digital wallets use information that is bundled up and can be used for authentication, credentials, and age verification. Users can have a variety of cards in a digital wallet. Payment processing for digital wallets includes e-commerce, mobile, and in-store payments.

E-Commerce Payments

If you operate an online store and retail outlet, e-commerce can help you seamlessly integrate your payment options. E-commerce payment processing for digital wallets is on the rise as American consumers increasingly shop online, being able to trust the secure applications that allow them to enjoy more convenience in a safe purchasing environment. E-commerce payments for digital wallets, as with all payment processing, should be processed quickly and without compromising safety.

In-Store Payments

In-store digital wallet payment solutions use near field communication (NFC) to establish a connection between a customer’s smartphone and a merchant’s terminal. Rather than have the retailer swipe traditional credit card plastic, they allow the shoppers to wave their devices across a dedicated NFC reader to complete a contactless payment.

Payment processing is generally easier for the merchants when terminals are NFC and digital wallet-ready. With a wave of the phone, customers can purchase what they need, and move on. This means more transactions per unit of time.

Benefits of Signing Up for Payment Processing with Digital Wallets

The most obvious benefit of a new payment processing option is that you are able to offer customers another way to pay. More payment options almost always lead to more sales, but there are other important advantages of accepting payment processing for digital wallets, including:

Availability of EMV-Mode for E-Commerce
Digital wallets can contain many forms of identification including licenses, health cards, and more.
Possible peer-to-peer transactions

International Payment Processing for Digital Wallets

Merchants that are not from the USA can take advantage of EMV (Europay, MasterCard, and Visa) mode. With an internationally-used EMV, transactions are also encrypted and tokenized. With digital wallets, online purchases made anywhere can be made using an EMV.