Digital wallets, also known as e-wallets, allow donors to give to your nonprofit via a linked credit card on a mobile device. Payment information is typically accessed via fingerprint or facial recognition.1 Google Pay, Apple Pay, Venmo, and PayPal are three highly used digital wallet options.
With over 275 million digital wallet users expected by the end of 2025 in the United States, now is the time to make sure your nonprofit can accept these payment types since preferences are changing. Digital wallets offer a high level of security, are incredibly convenient, and are donor-centered.
Secure
Digital wallets have more layers of security than physical credit cards. While they both use technology that ensures the merchant never even sees credit card numbers, digital wallets offer more security by requiring personal characteristics to complete payment that cannot be replicated, like fingerprints and facial recognition.2
There is an added layer of security with GiveSmart, as we are PCI and SOC 2 compliant. Our rigid security and privacy standards keep the 80,000+ transactions we process a month safe to best benefit your mission.
Convenient
While nonprofits are vastly different from stores in so many ways, the idea of cart abandonment exists for both. Cart abandonment is when someone starts a purchase, or donation, and doesn’t complete it. With consumer cart abandonment at 75%, it can be a devastating thing for nonprofits. There are lots of things that contribute to cart abandonment, and a clunky, confusing checkout experience is one major factor.
When you make it easy to give, in the fewest steps possible, you will see a higher conversion of people completing donations rather than filling out their address, getting yet another page to fill out, and giving up. And a positive giving experience yields dividends beyond the initial donation. Nine in 10 nonprofits feel that giving donors a seamless giving experience overwhelmingly increases the likelihood that donors will continue and increase their involvement with the nonprofit.3
Donor-Centered
The majority of Gen X, Millennials, and Gen Z—so everyone making purchases who was born after 1965—have used a digital wallet in the past year. Accepting digital wallets best supports your donors’ preferences. And, as mentioned before, more and more people will continue to turn to these payment options.
Donor experience is a major factor in donor retention. You work hard to get every dollar. Give donors a seamless giving experience, and they will be more likely to continue and perhaps even increase their involvement and support.
People turn to your nonprofit because your mission inspires them. Give them the experience they deserve. Reduce the steps and make it easier for donors and volunteers to support you so your organization can thrive.
GiveSmart now accepts Google Pay, Apple Pay, Venmo, and PayPal.* Check out our secure, convenient, and donor-centered fundraising and donor management platform, and request a demo today.
*As of March 2024, PayPal is only available for select GiveSmart features.
1“What Is a Digital Wallet? How Do They Work?: Digital River.” Digital River – EN, https://www.digitalriver.com/payment-types/digital-wallet/.
2.Gordon, Whitson. “Yes, You Should Be Using Apple Pay or Google Pay.” Wired, Conde Nast, 7 Nov. 2020, https://www.wired.com/story/you-should-use-apple-pay-google-pay/.
3.Adapting for your donors. GiveSmart. (2022, June 8). Retrieved June 9, 2022, from https://www.givesmart.com/resource/2022-fundraising-research-study/
