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Mobile payment options such as Apple Pay and Google Pay have recently gained popularity, especially in eCommerce. According to a study by eMarketer, the total value of mobile payment transactions worldwide was expected to reach $4.5 trillion in 2021, with over 60% of smartphone users using mobile payments for their purchases. In this blog, we will explore the benefits of integrating Apple Pay and Google Pay into your eCommerce business, with facts, figures, and case studies to illustrate their importance.
Increased Convenience for Customers
Mobile payment options such as Apple Pay and Google Pay offer customers a faster and more convenient checkout experience. Instead of manually entering their credit card information and billing address, customers can simply use their mobile devices to complete their transactions. According to a study by PYMNTS, mobile payment users were found to have a 30% higher average transaction value than traditional credit card users. This is likely due to mobile payment options’ ease of use and convenience.
Enhanced Security and Fraud Protection
Mobile payment options offer enhanced security features, such as tokenisation and biometric authentication, making them a more secure payment method than traditional credit cards. Tokenisation replaces sensitive payment information, such as credit card numbers, with unique tokens useless to fraudsters. Biometric authentication, such as fingerprint or facial recognition, adds a layer of security to mobile payments, ensuring that only authorised users can complete a transaction. According to a Javelin Strategy & Research study, mobile payments are 1.8 times more secure than traditional credit cards.
Increased Conversion Rates
Offering mobile payment options such as Apple Pay and Google Pay can also increase conversion rates and higher revenue for your eCommerce business. According to a study by Braintree, companies that offered Apple Pay saw a 2x increase in conversion rates compared to those that didn’t. Similarly, businesses that offered Google Pay saw a 30% increase in conversion rates. This is likely due to the faster checkout experience and increased convenience of mobile payment options.
Several eCommerce businesses have already integrated mobile payment options into their checkout process, with positive results. For example, after integrating Apple Pay into their checkout process, luxury fashion retailer Kate Spade saw a 30% increase in mobile conversions and a 20% increase in overall conversions. Similarly, Target saw a 20% increase in mobile conversions after integrating Apple Pay.