Like e-commerce, digital wallet use was affected by the pandemic. As shoppers sought contactless ways to pay in stores and shopped more online, digital wallets offered physical distance and convenience. Now, with new consumer habits in place after more than two years of adapting, the digital wallet market is forecast to grow by 18.9% year-over-year through 2028.
Cashless payment has become the newest trend. The digital wallet apps have shown to be successful for both consumers and companies. Professionals from various fields, including network operations and banks, believe that mobile payments will swiftly replace traditional wallets in the long run.
As mentioned by Forbes: “… more than 4 in 5 Americans used some form of digital payment in 2021, according to McKinsey’s 2021 Digital Payments Consumer Survey. This includes browser-based or in-app online purchases, in-store checkout using a mobile phone or QR code, or person-to-person (P2P) payments.
Advantages of Digital Wallets
–Convenience, particularly for younger shoppers. While 40% of consumers of all ages said they always have their mobile phone within reach while they shop online, only 20% of shoppers younger than 55 have their credit card handy every time they shop.
–Organize Your Payments: Most e-wallet apps organize all your payments in an easy-to-access way. It allows your online shoppers to make payments directly from their smartphone, laptop, desktop, or tablet. It doesn’t matter what device they are using.
–Offer Numerous Rewards to Your Customers: Arguably the most significant benefit a digital wallet offers to your customers is the additional bonuses and rewards. It means you not only provide your customers a way to pay faster for online purchases but also get numerous rewards. These benefits can be in the form of cashback and special rewards, allowing you to maximize your engagement level after every transaction.