Mobile payments are said to soon make wallets, and cards obsolete as they will allow you to pay with just a simple tap of your smartphone or smartwatch. Amongst the most popular and well-established systems are Apple and Google Pay which have been taking the payment industry in the UK by a storm. Industry forecasts show that Apple Pay is leading in the digital wallet industry with 227 million users globally which is a 140 million increase from 2018, figures also show that Google Pay users are expected to reach 100 million in 2020. This means that mobile payments are quickly becoming leaders in the payment industry.
What are Apple Pay and Google Pay and how do they work?
Apple Pay and Google Pay both use NFC (near field communication) to allow contactless payments to be made either online or to a compatible terminal. Offline payments are also supported on these platforms meaning you can use Apple Pay or Google Pay methods even if you don’t have WIFI or Mobile signal.
Mobile payments use a system called tokenization which keeps card details secure. Card details are added to the app and this generates a virtual account number meaning your real card number is never given to the merchant. Therefore, when a payment is made a tokenized card number and a cryptogram is sent to the merchant. Apple pay requires users to authenticate by using FaceID, TouchID or pin before processing any payments whilst Google Pay only requires the phone to be unlocked before allowing payments to go through!
Advantages of having Apple Pay and Google Pay on your website
There are many benefits to having Apple Pay and Google Pay for a business who operates in the online ordering industry such as takeaways and restaurants. For example, most banks are compatible with Apple Pay and Google Pay such as Mastercard, Visa Debit, American Express and many more which makes it the most easy and preferred option for many customers. The market share of this industry grew from $881 Billion in 2018 to $3,081 Billion by 2024, that is an annual growth rate of 23.2%. Below we will detail some of the advantage for you as a business to have Apple Pay and Google Pay on your website;
- Its more Secure – Using Apple Pay or Google Pay is more secure than the normal method of payments because technically bank information is not passed over meaning your customers will not need to worry about entering their information. Research has shown that this has made consumers much more comfortable with online ordering which in turn means more orders for your business.
- Quicker Checkouts – In the age of technology we have all grew more impatient and like things done as fast as possible! Having the option for your customers to pay with Apple Pay or Google Pay will mean that they can place their order much faster than before which will entice them more in ordering from you.
- Competitive Edge – It’s always a good idea to be ahead of your competition, more and more people are moving towards using mobile wallets as their method of payment, and these people are more likely to stick to businesses who offer Google Pay and Apple Pay which will result in more orders for you compered to your competition who may still have dated methods of payments. It has been reported that by 2023 over 1.6 billion people will be using mobile payments worldwide therefore it is clear that it will be many peoples most preferred payment method.
How to Offer Apple Pay and Google Pay on your Website
Now that you know why you NEED to have Apple Pay and Google Pay on your website you may be wondering how to go about doing it?
It’s easy – first you need to ensure that you are working with a reputable Payment Processor who has the capabilities to do this for you. Here at WeeTech we have partnered up with PayEat, a specialized payment processor in the food industry is that who offers both Apple Pay, Google Pay and the more traditional online payment methods. All you need to do is contact us today and we will set everything up within 1 working day!
So what are you waiting for?