The evolving payment industry provide new opportunities for organizations to ease an e-wallet for business. Thus, amid the pandemic-fuelled shift from cash to contactless payment methods, digital wallet solutions are gaining ground against traditional payment methods.
Here are some reason why SME businesses should adopt mobile payment technology (E-Wallet):
- It is the convenient option for customers
Contactless payments are the most convenient transaction that can be completed a lot quicker. Mobile payments, then, allow for lower wait times at checkout which, in turn, improves the customer experience. Consumers can also access more accounts without the need to carry a physical wallet with all the different cards and cash. All the necessary data is stored in a mobile device.
2. More secure
Contactless payments are expected to surpass credit card transactions. Thus, most mobile payment service providers recognize the importance of strengthening the security of contactless payments. Using mobile wallets, such as TNG, ipay88, Grab Pay etc., is more secure and reliable than using a payment card.
3. Easy to Refunds
Returns and order cancellations are an inevitable part of online selling. With e-wallet, you can turn these into a more engaging shopping experience for the customers. Once a product return or an order cancellation is initiated, the amount can be refunded to the customers’ e-wallet. This also means that the customer has a ready amount of the e-wallet to shop further.
4. Low Transaction Fees
As we know by using credit card, it will apply some interest that charge by the banker side to the business owner, usually credit card interest rate is between 2% – 3%, but do you know that our Malaysia e-wallet interest is far lower than credit card which falls between 1% – 2% only, low transaction fee compared to credit card, and most importantly you no need to rent or buy any credit card machine from the bank.