The success of a digital wallet program largely depends on two things: convincing potential users to try it, and maximizing the flow of funds through it. At Payment Source, we can contribute to both of these objectives.
When it comes to the adoption of new digital payment technologies, there are a couple of barriers that stand in the way for some consumers, despite their desire for the convenience of transacting online.
Many Canadians are reluctant to expose their core financial information to digital apps, particularly in an era of increasing security and data breaches. Others are members of the “cash economy”, including those who simply prefer to pay with the funds they have on hand, or those who may be underserved by traditional banking services.
Payment Source’s in-person account funding service solves this problem, allowing consumers to experience the benefit of a digital wallet purchase utility without requiring a leap of faith in the new technology or its providers. Customers can load their wallets at any one of over 6,000 nationwide Canada Post locations using cash or debit and immediately use it to make payments. Through the use of QR code technology, loading a digital wallet account at a retail location is convenient, fast and secure.
Providing these alternatives can make it easier for “digitally nervous” consumers and those underserved by traditional banking institutions to adopt your digital program.
To maximize the flow of funds through your digital wallet platform, it’s important to give your customers as many ways to easily load funds as possible.
Our online payment service, “PaySimply”, provides payment options beyond in-person account loading.
Our automated e-Transfer service allows your wallet to leverage the well-known and ubiquitous Interac payment service in an automated manner, providing access to this immediate payment method without the need for individuals to manually process those transactions.
Credit card payments can also be offered, if desired.