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Aug 11, 2022 | 4 minute read
written by Kirsten Aebersold
This post was originally posted in 2021 and has been updated for relevancy.
Mobile wallets have infiltrated digital commerce, offering a way to streamline checkout across desktop, mobile, and apps. Eliminating the need to remember or carry shipping addresses and credit card numbers, digital wallets such as Apple Pay reduce errors and boost conversions. But is Apple Pay right for your checkout?But is Apple Pay right for your checkout?
Apple Pay by the NumbersBy 2022, Apple Pay users are set to reach 45.4 million users. This number is based on mobile users 14 years old and up who use Apple Pay as a contactless method of payment.
Research shows Apple’s availability is on the rise by 20%. They suggest this number comes out of a need for merchants and banks to align payment with shopper behavior and preference, especially since the pandemic boom drove more users to digital wallets. As of spring 2022, here’s how Apple Pay fares in the world of digital wallet market share:
Building a case for Apple PayApple Pay may be worth a trial when:
Check out our guide to mobile commerce and discover the benefits, hurdles to overcome, and why it should be an important focus of your business.
In Response to Customer DemandLater in 2022, Apple plans to launch Buy Now Pay Later (BNPL), a growing trend in payment options. Branded Apple Pay Later, the tech behemoth will underwrite loans and absorb losses from missed payments. Why Does this Matter? Research shows us that BNPL payments are expected to account for nearly a quarter of all global commerce transactions by 2026, up from 9% in 2021. The payment type skews younger, however the numbers show us that BNPL attracts all audiences, from Boomers, to Gen Z, and Millennials. This is clearly a way Apple can win with increased customer demand across demographics. Additional food for thought: studies show 74.6% of customers acknowledge that the payment process is essential to the shopping experience with over 50% saying they have canceled a purchase due to lack of an acceptable payment method. Giving customers multiple payment options such as Apple Pay, increases checkout conversions and customer loyalty.
While Apple Pay is increasingly offered by eCommerce platforms and payment gateways, it’s not a silver bullet for digital merchants. If you’re struggling with mobile conversion, ensure you’re regularly improving mobile checkout usability and site performance.
Start building the commerce experience your unique business needs with Elastic Path.