Voice of the Industry

Apple Pay and its impact on online checkouts

Friday 2 December 2022 10:04 CET | Editor: Alin Popa | Voice of the industry

Truevo’s Nick Dobson, EVP of Sales and Business Development, talks about how Apple Pay has grown and impacted the payment landscape and what can merchants expect from the app in the future.

Truevo started offering Apple Pay seven months ago, resulting in significant growth in transaction volumes.

‘Payment is the final stage of your funnel. When done incorrectly, it will lose you the battle of attracting and converting visitors.’

Nick also shares the key reasons why online shops should offer Apple Pay as a payment method. At the same time, he also discusses some new Apple Pay features such as Apple Pay Later, multi-merchant (bundled) purchases and an integrated order tracking tool. His final word is about Apple’s resources for marketers with tips and tricks and collateral such as images, social media material and even videos.

Shoppers want a fast, simple, and secure online checkout. With Apple Pay added to your website, you can reduce cart abandonment and repeat purchases more often.

21.5% of all transactions in 2020 were made using mobile wallets like Apple Pay

The number of consumers making mobile payments was about 900 million before the pandemic, which rose to roughly 1.48 billion users in 2020. The mobile payment market value is anticipated to reach USD 12.6 trillion by 2027.

The main contributing factor to the explosion of mobile payments is the shift in consumer behaviour, starting during the COVID-19 pandemic but continuing today. The increased convenience, security, and cleanliness also drive the adoption of digital payments.

Over 900 000 apps use Apple Pay to sell goods and services.

To understand the demand for digital wallet payments, we can tell you that we launched Apple Pay 7 months ago and that the volume in the last 2 months grew by 643% compared to the previous 2 months. The majority of our Apple Pay transactions were in the Republic of Ireland.

Truevo’s Nick Dobson, EVP of Sales and Business Development, talks about how Apple Pay has grown and impacted the payment landscape and what can merchants expect from the app in the future.


Why should merchants start accepting Apple Pay?

The many reasons merchants and businesses should accept Apple Pay are well documented. But, if you’re unaware, here are Truevo’s top reasons to start accepting it on your website.

Less friction = more sales

Apple Pay is already on your customers’ iPhones, Apple Watch, Mac and iPad. And Truevo ensures a slick and secure online payment, offering the possibility of improving customer conversion.

Improve customer experiences

Mobile phones and tablets accounted for over 56% of website views in the UK in 2021. Offering payment methods like Apple Pay at checkout has become essential to the ecommerce shopping experience.

More secure checkouts

Apple Pay automatically provides multi-factor authentication in the shape of something your customers have (their device) and themselves (fingerprint and facial recognition). For example, Face ID, Touch ID, or passcode.

Despite Apple Pay's strong security, most end users don’t use it for security reasons. Only 24% of consumers said they preferred mobile payments specifically for safety. And a surprising 38% of consumers felt mobile payment security is substandard.

Optimised acceptance rates

Truevo monitors transactions to maintain the highest acceptance levels, helping you enhance your customer’s experience with you.

The future of Apple Pay:

Apple Pay Later

Apple recently announced Apple Pay Later, letting customers split a purchase into 4 equal payments, paid over 6 weeks with zero interest and no fees. It will be available everywhere Apple Pay is accepted. Users will have an overview of their upcoming payments and how much they owe. They’ll also be able to set a personal budget.

Bundled Purchases

Apple Pay will also allow users to pay multiple merchants in a single transaction within supported apps. Apple says this feature will let users make a bundled purchase, like a travel package with flights, a rental car, and a hotel booking in a single Apple Pay payment sheet.

Order Tracking

Users previously needed a third-party app to track their parcels. Now, Apple is building a tracker directly in Apple Pay. The new integration will let merchants and couriers provide users with precise tracking information and notification. Order tracking will be available from what is estimated to be millions of merchants through ecommerce platforms, starting with Shopify and expanding over time.

Advertise that you accept Apple Pay

Apple makes it easy for merchants to tell their customers that they can now pay with Apple Pay. They also offer a host of marketing tips and tricks from in-app messaging, web banners and social media posts. You can find them on their developer website here.

At Truevo, we make it easy and fast for our merchants to accept Apple Pay. You can download, install, and configure to start accepting payments through Apple Pay in minutes. Get in touch. Our dedicated team is always available by phone or email, ready to assist you 365 days a year.

About Truevo

Established in 2013, Truevo is a fast-growing multinational fintech company changing the payments industry across Europe and the UK. We design intuitive, user-friendly payment solutions encompassing our clients' entire payments value chain. We empower businesses, large and small, to securely accept payments online, in-store, in-app, or over the phone in over 150 currencies. We also enable near-instant payouts to billions of Mastercard and Visa cardholders globally.

About Nick Dobson

Nick Dobson is Executive Vice President of Sales and Business Development at Truevo. He has over 20 years of in-depth experience in omnichannel payment solutions, consumer insights and financial markets. Before Truevo, Nick held several senior sales leadership positions with Barclaycard and Cashflows.

More: Link


Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: e-wallet, payment methods, merchants, digital wallet, checkout optimisation
Categories: Payments & Commerce
Companies: Truevo
Countries: World
This article is part of category

Payments & Commerce

Truevo

|
Discover all the Company news on Truevo and other articles related to Truevo in The Paypers News, Reports, and insights on the payments and fintech industry: