Digital wallets can also be used online, and they currently account for 44.5% of all e-commerce transactions – double that of credit cards. The use of digital wallets is even more common in retail stores, with 56% of retailers saying they accept it as a form of payment.
In 2020, a quarter of all point-of-sale payments were made using digital wallets, and this is forecast to increase to a third by 2023. In fact, in-store NFC mobile payment usage grew 29% in 2020, and experts expect that more than half of American smartphone users – accounting for 125 million people – will use one or more of them by 2025.
NFC payments have gained in popularity since the coronavirus pandemic because they’re a completely contactless way to pay. It is these smartphone NFC payment capabilities – also called digital wallets – that we will discuss in detail. In addition to NFC-enabled credit cards, a number of companies have created payment types using NFC that allow a buyer to use their mobile phone to complete a purchase. If you have a credit card with a symbol on it that looks like a signal, it has NFC capability and you can use it to pay just by tapping it on a compatible card reader. NFC – or near-field communication – enables wireless communication between a card or mobile device, and card terminals and other payment devices. As usage of this payment type grows, it is important to understand what an NFC mobile payment is and how it works to decide if it is right for your business. NFC mobile payments are becoming increasingly popular among shoppers. If you don’t, you are in danger of losing the sale and possibly the customer’s future business. When a customer wants to pay you, it is helpful if your business accepts the type of payment they prefer.
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