Apple Pay and Google Pay Integrated with FinText™
Smartphones have made life easier. But changing how we pay for things? That might not have been something its creators originally anticipated.
And yet it’s happening, and fast. In the process, how we interact with financial institutions is far different than the routine bank branch visits or website portals of the past. Digital wallets are quickly becoming the norm.
- In 2024, a Discover® report found that 59% of consumers had used a digital wallet in the past 90 days.
- A study by the Federal Reserve found that mobile phone payments were increasing for all age groups, with adults 18-24 leading the way, using phones for 45% of all payments.
- One study projects that global digital wallet users will reach 5.2 billion by 2026, accounting for over 60% of the global population.
- Another finds that by 2030, digital wallets will account for 65% of e-commerce globally and 52% in the U.S.
The reasons? We like convenience. No cash or bulky credit cards to carry. No passwords to memorize. But we also value security. With a quick face scan or fingerprint, biometrics on phones keep our transactions safe. And fast. Pretty much just tap and go.
So, what could be even better?
Digital Wallets Meet Text Messaging
If banking customers want convenience (and who doesn’t?) then enabling them to complete a transaction or make a payment while they are already having a conversation with you would be the simplest, most direct approach.
And that’s exactly what integrating digital wallets into an SMS-enabled payment platform does. By merging the two functions, banks, credit unions, and other financial services companies can allow consumers to make secure, fast payments from within a conversation.
Consider how simple an experience this can be, using a payment reminder as an example:
- You send your customer a payment reminder or request via text.
- Within the text thread, the customer can select a digital wallet to process the payment directly from the thread.
- The transaction is fast, straightforward, and secure. The transaction uses encrypted tokens and the device’s biometrics for maximum security.
Which is precisely why our FinText™ Payment Services now integrates Apple Pay and Google Pay into SMS conversations. Your customers can move from reminder to payment while using a communications channel they already trust and prefer. There’s no need for them to jump to an app or sign in to a website portal to complete the transaction.
The advantages are clear:
- Financial institutions using digital wallets within a texting app report an average 50% increase in payment completion rates.
- Our platform is built for compliance first, with security, privacy, and conformance to applicable regulations already embedded in it.
- Apple Pay and Google Pay are two of the most widely recognized and used digital wallets, ensuring customers feel confident with a familiar financial transaction experience.
Make Things Easier for Your Customers Meet Them Where They Already Are
Digital wallet use is only going to keep growing. And people will continue to text. Why not take advantage of these two unavoidable trends and have productive conversations with your customers that can also make their lives easier—and accelerate payments, boost conversations, and keep everyone safe in the process?
Building long-term customer relationships via payment-enabled texting, especially with fully integrated digital wallets, can be straightforward. Would you like to see how it works? We’d love to show you. Reach out for a demo today.
