The solution, ACI Wallet Hub, enables merchants to provide customers an extensive range of digital wallet options and is thought to help drive ecommerce sales and conversions, as it links merchants in more than 70 countries to a hub for over 200 digital wallets.
ACI Wallet Hub can be enabled by merchants through means of a simple API integration with ACI’s payments orchestration platform. Leveraging a single integration and a single vendor relationship, the solution helps provide merchants with access to all leading digital wallets currently available, as well as the ability to deliver native wallet checkout experiences for consumers.
As detailed in the company’s press release, the new wallet hub is believed to help save time and money on the development, management, and maintenance of digital wallet integrations. ACI Wallet Hub eliminates integration difficulties to multiple wallet providers and future proofs against changing technical and compliance requirements.
When talking about consumer usage of digital wallets, a worldwide increase has been observed, with over a half of consumers (52.7%) having held and used a digital wallet in 2021, which represented a 33% increase over the last five years, as per information provided in the announcement. However, following the rise of popular digital wallets, an increased number of merchants are faced with having to manage a multitude of individual integrations and payment gateway contracts, which increases costs and slows the time to market new payment experiences.
Having this knowledge at its basis, ACI provides extensive coverage across the wallet hub network. As part of the core API, it gains complete access to a large and constantly growing suite of digital wallets so that merchants can provide the alternative payments preferred by customers at checkout, via any channel – ecommerce, mobile apps, and in-store.
When talking about the announcement, ACI Worldwide representatives have stated that digital wallets are increasingly secure, flexible, and convenient, with millennials and Gen-Z predominantly embracing them as a ‘mainstream payment method’. The ACI Wallet Hub solution enables merchants to provide customers with all their preferred ways for payments in order to achieve increased ecommerce sales and expedited growth.
Furthermore, company officials believe that ACI Wallet Hub helps remove the complexity of keeping up with emerging technologies and customer demand, as it gives merchants the chance to stay flexible and innovative without the high cost and compliance difficulties associated with the integration and maintenance of multiple individual digital wallets.
A real-time payments software provider, ACI Worldwide’s solutions enable corporations, fintechs, and financial disruptors to process and manage digital payments, power omni-commerce payments, present and process bill payments, and manage fraud and risk. Combining its global footprint with a local presence, the enterprise aims to drive real-time digital transformation of payments and commerce.
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