I don’t know about you, but I cannot tell you the last time I actually took out my credit card when making a purchase online. These days, all you need is your phone to transact, and the ease at which we can do that is equally exciting and terrifying. If it feels like a lot to keep up with all the new modern payment methods, don’t fret! It’s much simpler than you might think. We are going to dive into what a mobile wallet is, how it works and how it can be used to maximize your digital fundraising.
What Is A Mobile Wallet?
A mobile wallet is a digital wallet that allows you to store, manage, and transact with various forms of digital currency and payment methods using a mobile device, such as a smartphone or smartwatch. Most of us are already using mobile wallets like PayPal, Venmo, Apple Pay andGoogle Pay, in our everyday lives. In fact, 53% of Americans use digital wallets as their primary payment method and 51% say they would stop shopping at a merchant who doesn’t accept mobile wallet transactions.
Bottom line: cash is no longer king, mobile wallets are.
Why Are Mobile Wallets so Popular?
So what makes mobile wallets so appealing? Well, they are seamless, quick, easy to use and have no barriers in the payment process. Unlike a traditional credit card where you have to have it with you, take it out, and swipe or tap; mobile wallets only require you to input your card info once, then they use biometrics (like Face ID) or a pin to transact. Less steps, less hassle, and more money spent by consumers. Yep, 47% of consumers report spending more when using their mobile wallets than traditional payment methods.
Mobile wallets are also growing in popularity in the digital fundraising realm. CauseVox’s Giving Study found that donors preferred to use mobile wallets for giving just as much as the traditional credit or debit card.
Learn About Donation Trends in CauseVox’s 2023 Giving Study:
Integrating Mobile Wallets Into Your Fundraising
Adding mobile wallets into your digital fundraising strategy is essential in this day and age. We found that 81% of high-income donors prioritize a quick donation process, highlighting the importance of incorporating features that speed up the process–like mobile wallets–on your donation page. Supporters can seamlessly give with just a biometric verification through online platforms, or with a simple tap during in-person events.
Let’s admit it, complexity prevents conversion! The less steps to giving the better. That is why aligning with the modern donor’s preferences for frictionless, secure payments through mobile wallets is essential for your digital fundraising strategy.
Donors can give seamlessly with mobile wallet options, like Google Pay, on your donation page.
Something For Everyone
To truly maximize donation potential, nonprofits must offer a wide array of payment methods. It is important to note that not all donors prefer mobile wallets, especially the older generations. That is why providing other options like credit/debit cards, bank transfers and cash/check donations are still important and necessary.
Providing several giving options is not just about variety; it’s about understanding which segment of your donor base prefers what. By understanding who your donor is, you can tailor payment methods to suit their needs and serve them better! For the general population, we found that the good old debit/credit cards are as equally preferred asmobile wallets, with cash donations not too far behind.
The best way to find out what your unique donor base prefers is to analyze the giving data or send out a survey. This will help you gather important information so that you can ensure a seamless giving process for all your supporters.
Add Mobile Wallets To Your Giving Page
With 75% of donors reporting that they are more likely to make a donation if the giving process is easy, it is prudent to equip your donation page with Google Pay, Apple Pay, PayPal and Venmo alongside the classic credit card and bank transfer options. With a CauseVox donation page you can easily enable all methods of giving to ensure no one is left out (or has an excuse not to donate!)
Mobile wallet and traditional methods of giving on a CauseVox Donation Page.
Ready To Enhance Your Digital Fundraising?
Are you are ready to start accepting more donations with ease? You can create a donation page for free with CauseVox and effortlessly enable all your mobile wallet donations in one place.
Sign up for a demo today to start raising more funds with less hassle.
