There have been fast advancements in digital payment modes over the past few years. The pandemic has accelerated the use of digital payments in both offline and online stores. Increased need for contactless payment methods, ease of use and secure transaction portals has led to the development of digital wallets which is now very popular and a preferred mode of transaction for purchases.

WorldPay Global Payment Report 2020 showed that 52.2% of online payments would be made using digital wallets like Google Wallet, Samsung pay, Android Pay, Paytm, Amazon Pay, etc.

Another research has shown how digital wallets is being used even more frequently by the older population. 17% of digital wallet users are between 57-75 years old and 40% of users are 41-56 years old.

Integrating digital wallets can be useful for your eCommerce site in terms in many ways:

• As customers do not use payment gateways for every transaction, it lowers the transaction cost for merchants.
• The checkout process is made simpler as customers do not have to fill forms and banking details multiple times. Simply approving their payment from the digital wallets is enough to complete the purchase.
• Glitches and security risks in the transaction are eliminated using digital wallets.
• Easy to use and quick transaction processes offer a great user experience for your customers.

Woocommerce for Customers:

• Add amount to the wallet using a payment method and view transaction history and wallet balance.
• Transfer WooCommerce amount to other users or pay for products and services on the platform.
• On wallet top-up, credit or debit, customers can receive in-app notifications as well as through SMS.
• Can withdraw wallet amount by requesting the merchant for the same.

WooCommerce for Merchants:

• Can view wallet balance and transaction history of all users.
• Can add or remove funds from the user wallet individually or in bulk.
• Can see wallet transactions or top-ups by users using back-end apps.

Managing your Digital Wallet for your WooCommerce Platform:

The digital wallet is a free plugin by WooCommerce that gives you full autonomy and control over managing and tracking customer transactions and wallet balances.

Installation:

The digital wallet plugin can be added with the help of your WooCommerce site developing partner like Ravenan. You can download the plugin and add it to your WordPress dashboard and start using it after Activation.Or you can manually install it by downloading the wallet system for the WooCommerce extension and adding it to the webserver using your FTP Application.

Set up Digital Wallet:

You can Enable the digital wallet system and its other functions from the general settings tab and begin using its features.

Updating Customers Wallet Amount:

The wallet system allows you to add or remove funds from user accounts in bulk or individually. You can manually perform these actions by entering the debit/credit details or by uploading a CSV file.

Oversee Digital Wallet Transaction:

You can check the transaction history of users, filter them by date and keywords. You can see debit and credit information from the Wallet Transactions Tab to monitor wallet details and make changes to the wallet amount if necessary.

Approve Withdrawal Request for Customers:

Sometimes customers request to withdraw wallet amounts back to their bank accounts. From the WordPress dashboard, you can manage withdrawal requests from the Withdrawal Request Tab and even filter them by approved, pending or rejected requests for ease of use.

Integrate Wallet with API Apps:

Rest API Tab allows you to integrate with external apps that can perform various functions for viewing and managing users digital wallets.

Summing Up:

Digital Wallet is a great plugin to add to your WooCommerce online store. It simplifies the buying process, makes quicker purchases, secures transactions and provides a pleasant user experience overall.

Merchants and customers are benefited using digital wallets with lower transaction costs, ease of use and easy management of funds and wallets amounts from the backend.