Digital Wallets vs. Mobile Wallets
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With the advancement of payment technologies, digital wallets and mobile wallets have brought great convenience to people's lives.
Their growing popularity is also changing the way consumers pay.
These two types of payment methods are often used in different scenarios and have different payment adaptabilities. So, what is the difference between these 2 and which one is for your store?
This article compares digital wallets and mobile wallets and breaks down where they’re best used. and explore how Silkpay offers the best payment solutions to meet diverse customer needs across various online and offline payment environments.
What are digital wallets?
Digital wallets are payment tools that can be used on computers, tablets, and smartphones. It allows users to store, manage, and use their payment information in a fully digital way. Common examples include PayPal, Alipay(web), and Skrill.
Key features of digital wallets include:
Online payment: Digital wallets are primarily used on the internet, making it convenient to make payments on e-commerce websites and apps.
Fund storage: Users can store personal funds in their wallet by topping up via bank transfers, credit cards, and other methods.
Transfer functionality: Users can transfer funds to other digital wallet users, and sometimes even directly to bank accounts.
What are mobile wallets?
Mobile wallets are applications stored on mobile devices (smartphones or tablets) that allow you to store and use a variety of payment information. Common mobile wallets include Apple Pay, WeChat Pay, and Alipay (APP).
Key features of mobile wallets include:
Contactless payment: Using NFC technology, users can pay simply by holding their phone near an NFC-enabled POS machine, enabling fast and secure contactless transactions.
Biometric security: Many mobile wallets enhance security with biometrics like fingerprint or facial recognition.
Multi-Function integration: Beyond payments, mobile wallets can store e-tickets, membership cards, coupons, and public transportation cards, making them easy to manage in one place.
Note: All mobile wallets are digital wallets, but not all digital wallets are mobile wallets.
Customer preferences: digital wallets or mobile wallets ?
Customers who prefer digital wallets:
People accustomed to online shopping on computers or tablets.
Frequent cross-border shoppers who need to pay on international sites (e.g., PayPal).
Customers who value account balance management and transfer functions.
Elder customers who are less familiar with mobile payment technologies.
Customers who prefer mobile wallets:
People who are always on their phones and value speed and convenience.
Those who pursue contactless payment experiences in offline shopping.
Users who rely on integrated services such as NFC, QR codes, transit cards, and membership cards.
Young people, office workers, and frequent public transport users.
Silkpay’s payment solutions for merchants
For merchants operating online, offline, or both, how can you meet customers’ diverse payment habits?
Silkpay provides the right solutions.
Online payments:
PaybyLink: Either you have a website or not, if you want to accept simple online payments links from customers using digital wallets, Silkpay's PaybyLink is the ideal choice. Just generate a simple link from your account, and customers around the world can complete payments in seconds.
API: If you want to integrate payment options directly into your website or app, Silkpay’s API is the perfect solution. Simply connect to the API, and you can start accepting payments from customers using a variety of digital and mobile wallets, all within your own platform.
Plugins: Silkpay offers PrestaShop and WooCommerce plugins, which allows your e-commerce website to accept a variety of payment methods from customers worldwide. It gives your customers a better shopping experience and helps your business grow.
In-store payments
If you need to accept payments from customers using mobile wallets in-store, Silkpay's POS service is your perfect solution. Customers can use over 20 mobile wallet options through the PAX A920 Pro POS machine.
With its easy-to-use interface,the PAX A920Pro makes checkout faster, safer, and gives your customers a smoother experience. It supports all the popular mobile wallets like Alipay+, WeChat Pay, Apple Pay, and many more.
Conclusion
Both digital wallets and mobile wallets have their strengths and are suitable for different payment scenarios and customer groups. When choosing a payment solution, consider your business needs and customer preferences.
With Silkpay’s diverse payment solutions, you can meet every customer’s needs, improve satisfaction, and stay ahead of the competition.
Let Silkpay help you embrace digital payments and unlock a larger market!
About the author: Silkpay
Based in Paris, Silkpay provides omnichannel and secure payment solutions to help physical stores and e-commerce in Europe and the Americas accept more than 30 of the world's most popular payment methods: Visa, Mastercard, CB, UnionPay, Alipay+, WeChat Pay as well as Asia-Pacific’s major e-wallets.
Silkpay is a winner of the LVMH Innovation Award. The company was also selected as a finalist for the "Money 20/20" Best Startup and in the "MPE Berlin” Startup Awards. Silkpay also won the "Best Fintech" awards from Capgemini and BPCE.
Silkpay helps merchants deliver the smoothest payment experience to their customers. We are a talented and international team driven by a single goal: to improve the customer experience and make payments simple and secure.