Truevo introduces another safe and convenient method for ecommerce merchants to accept payments.

Over the past year, Apple Pay and Google Pay have seen rapid growth in the UK. Since its launch, Apple Pay has become the most used digital wallet for contactless payments. According to a new report from Juniper Research, the combined number of consumer transactions across all payment platforms reached 37 billion in 2021, with Apple Pay leading the way with 23.7 million monthly active users (MAU) across its iOS and watchOS apps.

In 2020, a Statista survey indicated that 61% of UK citizens had used mobile wallets to make purchases in the past year. In 2021 a report by Samsung Pay supported this by stating that nearly two in three consumers in the UK (62%) preferred to use their payment card through a mobile wallet compared to physical wallets. The study further indicated that 90% of the respondents believed that during the pandemic making contactless payments with a smartphone or smartwatch was more convenient, and 86% felt safer doing so.

Whilst it seems apparent that all payment partners should be offering these solutions - some are still adapting to this growing trend. However, there is still an opportunity for those who have not. To attain new customers, payment providers need to emphasise the ease and simplicity of mobile payments. Introducing features that enable mobile payments without compromising security and win customer loyalty in today's competitive market.

Other approaches to differentiate your business may be:

Offering support: Expand your presence by providing in-store acceptance in the UK or EU.A significant focus for US businesses.

Additional payment products: Mobile wallets can diversify your offering to include; buy now, pay later (BNPL) or peer-to-peer payment services to solidify customer loyalty.

Offering exceptional customer service: This may be a determining factor for a customer when deciding which service or product to choose. Brand reputation, competitiveness and market position are highly influenced by a business's ability to provide high-quality customer service.

Maya Liepaz, CMO at Truevo Payments, emphasises that focusing on client's needs and providing solutions whilst diversifying your product offering is key to positioning yourself as a leading payment gateway. Liepaz adds, "this is one of the reasons why we introduced Apple and Google Pay as a payment method for merchants to diversify their payment options, tailored to their business needs".

Why Apple and Google Pay?

Apple and Google Pay for businesses can be simple to enable and configure. Merchants can start accepting payments in-store or online, providing multiple payment options to their customers. Apple Pay is all over the latest Apple devices. In the UK, it is reported that six out of ten people used Apple Pay for point-of-sale transactions in 2021. The UK topped Apple Pay transactions in 2021, with 63% of people using it at least once in stores or restaurants. Although Apple Pay is obviously preferred in the UK, Google Pay still has a significant adoption rate of 214,000 monthly users.

Less Friction = More Sales

Whilst adoption rates of Google Pay are slower in the UK, payment partners should offer multiple payment options to ensure a variety of seamless and secure online and in-store payments which will improve customer conversion rates for their merchants.

More secure checkouts

With the security measures placed by Multi-Factor Authentication (MFA) and Biometric authentication via Google and Apple Pay, fraudulent activity has been significantly reduced. The UK Finance Half Year Fraud Update, indicated that in the first six months of 2019, contactless fraud losses - which included mobile payments represented just 2.7% in every £100 spent (3% of all card fraud losses).

Improve customer experiences

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

Payment partners are on a clear mission to make it easier to accept payments from anywhere and offer convenience to people and business operations. Apple and Google Pay should not be overlooked in the evolution of Digital Wallets in the UK.

Truevo Payments
The Watercourse 3rd Floor, Triq L-Imdina, Zone 2 Central Business District Birkirkara, 2010, Malta
Phone: +356 2247 4000
Saskia Schuldig
saskia.schuldig@truevo.com

Established in 2013, Truevo is a fast-growing multinational fintech company changing the payments industry across Europe and the UK. In 2021, we processed over 31 million transactions for businesses in 2021. Our intuitive, user-friendly payment solutions encompass our clients' entire payments value chain.

Our products include Truevo Payment Gateway Services (Direct API, Hosted Payment Page, Payment Widget and WooCommerce, PrestaShop and Magento Payment Plugins), Card Payouts to billions of eligible Visa and Master cardholders, Mobile SDK (in-app), smart point-of-sale terminals, and Virtual Terminal. And now, Apple Pay. We're making it even easier for merchants to accept payment from a growing number of users across the globe.

We empower businesses, large and small, to securely accept payments online, in-store, in-app, or over the phone. In over 150 currencies. In the currency of their choice. We also enable near-instant payouts to billions of Mastercard and Visa cardholders globally.

As a PCI-DSS Level 1 payment provider, transactions with us adhere to the highest levels of security.

This release was published on openPR.