With the use of technology in the day to day life, it has also made an impact on the methods of payment. Now we have a variety of options to choose from when we need to pay for something. The use of digital wallets has grown significantly in the past five years. To give an example, the worldwide transactions done through the digital wallets reached $4,296 billion two years ago and surely the amount transacted must have reached much more than that today. Digital wallets have grown significantly in the past 5 years. The most interesting thing about this fact is that innovations in digital wallets have just begun. In the upcoming years, there are going to be more and more digital wallet technologies that will be emerging. This will make digital payments more convenient as well as secure in the years to come. So if you are looking forward to building.
In case you are looking for an application development company that will help you in building a digital wallet application, you are on the right track as this trend is going to dominate the world in the near future.
Let’s look at the top five most prevalent digital wallet trends of 2020
Cryptocurrency is not only reserved for the multi-million dollar brands or just for exclusive investors. Cryptocurrency has also been widely accepted by the startups as well as small and medium businesses. There are millions of cryptocurrency wallet app solutions and the application developers are also sought after for developing such apps. The number of cryptocurrency solutions has increased from 6.7 million to 42 million over three years. The reason behind this drastic growth which is quite obvious! For example, the blockchain and the cryptocurrency basically eliminate the need for a third party in a transaction, which not only leads to more secure transactions but also leads to lower costs. As a result, the business and the start-ups have also incorporated this technology which will be witnessing enormous benefits and it will continue in the future as well.
Smart Speaker Payments
Smart Speakers witnessed dramatic growth since Amazon launched the first smart speaker followed by Google and Apple. Smart speakers or voice assistants have today become quite mainstream and are popular in the households as well. 28% of people make payments through smart speakers and also send and receive money with the help of them. The number of online payments using smart speakers is rising day by day and thus the number is going to rise soon as the smart speaker technology becomes more convenient and secure to use.
NFC-Based Wallet Solutions
In the last five years NFC based wallets or in simple terms contactless wallet solutions have increased a lot. There are many people who prefer contactless wallets for making payments. NFC based wallets basically use smartphones in order to make payments. They need to be in the close proximity of the terminal or even can payments using the contact numbers. Examples of NFC based wallet solutions are PayTm or Google Pay. The demand for NFC Wallet solutions is very high. Investing in a worthy NFC wallet solution will definitely be beneficial looking at the popularity of these apps.
AI-Based Wallet Solutions to Automate Routine Transactions
Artificial Intelligence or popularly known as AI is just like the NFC technology which has rapidly made its way to being one of the technologies which are emerging. Not only that, but AI has also improved drastically over the span of the last five years. A lot of e-commerce companies nowadays have employed ChatBots for their customer’s concerns when it comes to payment. As far as the digital wallets or mobile payments are concerned, AI chatbots have become very capable to be used in executing and automating basic transactions with the approval of the customers. Now, AI can also handle voice instructions and execute payments when it comes to routine tasks such as number verification.
A transfer of money from a foreign worker to their family, friends, or other individuals in their home country is known as an international remittance. In many countries, international remittance constitutes a significant portion of a country’s GDP. The reason behind the high growth of international remittance is the adoption of digital wallet solution and the growth in the use of smartphones. Thus smartphones and application development have quickly transformed the overall finance industry.
Digital wallet solutions and mobile application development have definitely changed the way of how the financial sectors work. People are preferring digital wallets to cash and these wallets are heading towards being the default mode of payment. As of now the above mentioned are the trends which are being widely accepted in the market. If you are looking forward to investing in a mobile application, a digital wallet application can definitely be a great choice.
Read more: Why Retailers Are Building Digital Wallets