The English word wallet means wallet. When we talk about wallet payments, we are talking about the digital version of the wallet. In other words, the function of paying with your phone or smartwatch.
A digital wallet payment replaces the use of the physical debit card. It makes a contactless payment even easier.
To make a wallet payment, a consumer adds a debit card, credit card or whatever payment option is available to the wallet on the phone or smartwatch. Technically, the NFC chip provides the contactless connection between the ATM device and the mobile device.
Often, for payments over €50, consumers still need to identify themselves on the phone. This can be done using a password, facial recognition or a fingerprint. For smaller amounts, this is not required.
Always available
Forgetting a wallet is less of a problem these days than going out without a phone. This ensures that the digital wallet is available more often than a physical bank card.
Hygienic
Especially during corona, hygiene played an important role in payments. Contactless payments took off. Wallet payments also benefited from this. Wallet payments are, in fact, contactless by definition.
Fast
A payment with a digital wallet is fast. Just hold your phone or smartwatch against a terminal and the payment is done. No more searching for cards and you can feel by the vibration whether the payment was successful.
Flexible
The pile of cards in your wallet has given way to an easy-to-use app. When making a payment, you can quickly choose between your available passes. And every online entrepreneur knows that the easier the payment can be made, the higher the conversion rate.
Pay. specializes in offering wallet payment methods. So through Pay.'s all-in-one payment solutions and plugins you can addthe most popular wallet payment methods to your webshop in no time: PayPal, Amazon Pay, Apple Pay, Google Pay, AliPay and WeChat Pay.
Credit cards such as Visa, American Express and Mastercard can also serve as a wallet payment. To do so, the consumer adds the credit card to the digital wallet on the phone or smartwatch. From then on, a credit card can also be used for a wallet payment.
