You can directly integrate with PayPal or through processors like Adyen and Braintree. The PayPal wallet securely stores customers' cards or bank accounts for easy payments.
Given its reach and brand recall, it must be offered for any global business. It is one of the oldest and most popular wallets, with over 350 million users. You can read about integrating them using hyperswitch here. Please review the wallet's website and developer docs before making a final choice. Products like Hyperswitch also allow you to customize the in-app payment experience using payment SDK to boost conversions.īelow is a brief overview of popular wallets. Using Orchestrators like Hyperswitch: It allows multiple integration options with wallets - direct or redirection or routing via the payment processor, depending on the merchant's preference.Evaluate the customer payment experience before taking this route. Though it is easy to start, redirection from processors to wallets results in lower conversions. You can configure your payment processor to support specific wallets. Payment Processor Redirection: Payment processors offer the option of payment using top wallets.Doing it in-house requires effort in one-time integration and ongoing maintenance. You can integrate through direct API or SDK. Direct integration with Wallet: Popular wallets like PayPal and Alipay give direct integration options for merchants.Methods to offer Wallets as a Payment Option Carefully evaluate the direct and hidden costs of offering a wallet before adding them. Though the processing costs of wallets vary widely, they are typically lower than credit cards or BNPL as there is no involvement of credit. Reduce Payment Processing Costs: Wallet payments are usually real-time hence, settlement and fraud risks are lower.Products like Hyperswitch's Smart Router can enable auto-retries for your business. Hence, auto-retry of payments using wallets could boost your revenue. Unlike wallets, cards/accounts involve interacting with multiple third parties to complete the transaction. Typically, wallets, especially closed-loop ones, have higher authorization rates than cards and bank account payments. Failed payments recovery: Wallets can be a savior when the regular card or account-based payments fail.Read more about improving conversions here. Its reach, familiarity, UX, and branding increase conversions.
Top wallets have high brand recall and act as a symbol of trust for payments.
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Asia & emerging markets lead the launch and adoption of wallets as a payment option - China (Alipay, WeChat Pay), Japan (PayPay, auPay), South East Asia (2C2P, Grab Pay), India (PayTM, PhonePe), Bangladesh (BKash), the Philippines (GCash), Brazil (Mercado), Africa (MTN, Orange).Leading smart mobile players like Apple, Google and Samsung launched their wallet service to transform mobile devices into a wallet.M-Pesa, introduced in Kenya in 2007 by a mobile phone operator, became a successful alternate payment method that revolutionized the digitization of payments and propelled financial inclusion in the country.Now PayPal lets you store a variety of digital currencies, including crypto and loyalty reports. Later, it launched its closed-loop wallet to enable money transfers without instruments like cards or accounts. Initially, it was a tool to store payment credentials like cards and bank accounts. PayPal, launched in 1999, is the first disruptive digital wallet.Even in the offline POS world, wallets contribute to 29% of retail payments globally. The contribution of wallets varies across markets: Europe 27%, Asia-Pacific 69%, Middle East and Africa 31%, North America 31%, and Latin America 39%. As of 2021, digital and mobile wallets contribute to half of E-com payments and are expected to contribute 53% of payments by 2023, as per the FIS's global payments report 2022. Wallets have seen a meteoric rise in their share in the last decade.
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