Member Access Processing has reviewed mobile wallet acceptance and other digital payment options for small businesses. Its June 18, 2024 article describes phones as a place to hold payment credentials and gift cards, while setting out the costs and operational considerations merchants face when accepting digital payments.

The guidance covers online purchases, in-app payments, mobile wallets and contactless checkout. Customers can make contactless payments with a compatible card, phone or wearable device without handing the payment instrument to the merchant.

MAP cites Visa's 2022 study, in which 41% of surveyed consumers said they had abandoned an in-store purchase because digital payments were unavailable. It also references McKinsey's 2023 survey, which found that more than nine in ten respondents had used a digital payment during the year. McKinsey's research covered more than 1,800 US consumers, rather than customers worldwide.

The Federal Reserve's business research supplies another measure: the share of businesses using digital wallets and mobile apps increased from 47% in 2022 to 62% in 2023. Those figures describe business adoption of that category, rather than digital payments' share of all transactions.

For merchants evaluating acceptance, MAP highlights payment choice and cash-flow efficiency as potential benefits. It also identifies transaction fees, the need to follow fraud and processor security updates, and interruptions such as power outages or processor problems. Processing and settlement arrangements remain relevant when evaluating how quickly a merchant receives funds.