Are Apple Pay and Google Pay really essential in 2024?
Ecommerce tools are evolving at a crazy speed, and online payment methods are no exception to the rule. Among the many options available, Apple Pay and Google Pay are two of the solutions that have gradually made themselves essential. In 2024, however, the question still remains for online stores: have they really become necessary or are they just a passing fad?
The rise of mobile payments: an undeniable phenomenon
Before diving into our subject, it's worth noting that the number of mobile payments has exploded in recent years. According to a study by Juniper Research, the value of transactions made through digital wallets like PayPal, Apple Pay, and Google Pay is expected to increase from $9 trillion dollars in 2023 to more than $16 trillion in 2028. This 77% growth underlines the rapid rise of digital payment solutions around the world.
In France and according to data from Statista, PayPal dominates the market of online payment services. Over the last 12 months, 85% of users have paid using this method. In second place, Apple Pay was used by 20% of respondents. It's followed by Google Pay and Amazon Pay, each being utilized by 15% of users. The French service Paylib closes the market with 14% of users.
Apple Pay and Google Pay: secure payment solutions
The main advantage of these solutions is undoubtedly security. Consumers are increasingly concerned about protecting their banking information. With Apple Pay and Google Pay, data security is guaranteed by advanced encryption technologies.
When paying with Google Pay, a virtual account number is sent to the merchant instead of the real card number, thus preventing any disclosure of banking information. The payment methods saved in your Google account are securely stored on its servers, which strengthens data confidentiality.
Similarly, Apple never shares identities or credit card numbers with merchants, and this information is not stored on Apple's device or servers. During online payments via Safari or apps, merchants only have access to information entered voluntarily by the user (name, email, billing address, etc.).
Digital wallets that obey your fingers and eyes
In addition to security, Apple Pay and Google Pay are popular solutions for the simplicity and speed they offer. A quick gesture on your smartphone is all you need to complete a purchase with fingerprint or facial recognition. No need to enter your bank details or remember multiple passwords, payment is made in seconds.
With Apple Pay, simply set up Face ID, Touch ID, or a passcode on your iPhone, iPad, or Mac to complete transactions in the blink of an eye. In the same vein, Google Pay offers a “Buy with GPay” button that gives you a streamlined and secure payment experience based on the information already saved in your account.
These rapid-fire methods often lead to an increase in the conversion rate of ecommerce sites. 53% of French buyers have already abandoned a shopping cart at checkout. This phenomenon is even more common among young, increasingly impatient consumers. For Generation Z, the absence of their preferred payment method is even the main reason they abandon a cart.
Increasing adoption by ecommerce sites
Integrating Apple Pay and Google Pay positions you as a modern online store that is in line with your customers' expectations. Apple Pay is already accepted on millions of websites and applications around the world. As for Google, more than a billion transactions are made every day on the global scale.
In 2024, not offering these payment methods can be a hindrance for many customers. These customers will instead go to a site that offers varied, familiar, and trustworthy payment solutions.
Conclusion
We started out by asking if Apple Pay and Google Pay were essential payment options in 2024, and the answer seems obvious. The speed, security, and conversion rate optimization offered by these tools make them valuable allies for any online store. Rather than wondering if they're necessary, it's time to think about the best way to integrate them in order to maximize your conversion rate and improve your customer experience.
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