How to Accept Mobile Wallet Payments

Not long ago, we put together a short article on mobile wallets, what they are, which mobile wallets are leading the way forward, and why you should accept mobile wallet payments. In this piece, we’ll look at how to accept mobile payments.

A point of emphasis worth repeating from the previous piece is the importance of meeting your customers where they are.

The use of mobile wallets is increasing fast, and the vast majority of North American consumers that prefer digital wallets over traditional payments would be out of luck buying from you (or, more aptly, you’d be out of luck selling to them) if you don’t accept mobile wallet payments.

To accept Mobile Wallet Payments, you need a Payment Gateway.

Another article we published discussed the fine points of choosing the right payment gateway for your business.

In that piece, we looked at what payment gateways are and how to evaluate the payment gateways you’re considering. A key point made there was seeking out a payment gateway that can accept mobile wallet payments, because not all of them do. And if you wind up partnering with a payment gateway that doesn’t have the know-how to accept mobile wallet payments, you could be missing out on a lot of new customers who will choose a competitor that accommodates mobile wallet payments.

Don’t think a prospect would take their business elsewhere for something seemingly insignificant like payment methods? Well, more than half of consumers abandon a purchase if they can’t use their preferred payment methods.

Three ways to accept Mobile Wallet Payments

Modern businesses, and modern retailers specifically, will normally have three places a customer or client can pay: in person, through a website, or on mobile. And while the right payment gateway will be able to facilitate mobile wallet payments across the board, it’s important to know the differences.

Accepting Mobile Wallet Payments in person.

First you need a POS terminal that can facilitate mobile wallet payments. The good news is that you may already have one because you probably accept credit card — and many credit card readers can also accept mobile wallet payments.  

The question, though, is how many mobile digital wallets does it support? Apple Pay and Google Wallet are essentials, but what about WeChat Pay or Alipay? These two have over 2B combined users.

Accepting Mobile Wallet Payments through your website.

Like with in-person payments, if you accept credit card payment on your website, accounting for mobile digital payment isn’t hard to facilitate. Again, though, it’s about how many switches you can flick on.

If your web traffic is global, you’ll want to accept a world of mobile wallet payments. We talked about WeChat Pay and Alipay above, which are both based in China. India’s most popular mobile wallet is Paytm, with over 350M users. And GCash reigns supreme in the Philippines.

The right payment gateway will be able to set your website up for worldwide success.

Accepting Mobile Wallet Payments on mobile.

Even more so than with websites, breadth is key because the mobile wallet is on the phone.

Whether it’s Apple Pay, Google Wallet, WeChat Pay, Alipay, Paytm, or GCash, you want seamless because that’s what the device manufacturer promised you. The right payment gateway will get you ready to take on the world, one mobile payment at a time, from every corner of the globe.

And the right Payment Gateway for accepting Mobile Wallet Payments is…

OTT Pay, if:

• Your local client base is made up of international customers and/or new immi-grants who prefer to use a payment method they’re used to.
• You have global client base and prefer to make it easier for them to pay you.
• You want a global client base and would like to make it easy for them to choose you.
• You foresee your global client base growing into more countries, and you want to adapt quickly.

A final thought about accepting Mobile Wallet Payments

For all the reasons mentioned in this article we put forward about QR codes, the future of mobile wallets is clearly QRC. OTT Pay can facilitate QR code transactions across platforms so your mobile wallet payment acceptance process is fast, seamless and easy.