Sneak Peek into the Future of Digital Wallets Trends in 2021
The world is rapidly becoming contactless. With the increasing penetration of the internet and smartphones, people can stay connected with the world in a digital manner. Especially with the onslaught of the pandemic time, people have understood the importance of maintaining much-needed social distance while adjusting to the new normal. Indulging more in doing online shopping, continuing remote working, virtual meetings, and much more are notable virtues of being contactless these days. Interesting to say the fact that digital payments have become a new norm among users to make cashless transactions without directly contacting people while handling cash. In 2020, there were over 779 billion digital transactions and expected to increase 13% in the coming years. Digital wallet solutions have enhanced the way of making payments safely and quickly while maintaining complete security standards related to transaction data, number of transactions, and more.
What is Digital Wallet? A digital wallet or e-Wallet is a product-based framework that you find mobile apps. It stores valuable transaction data and your sign-in passwords. It is highly used to make payments and transfer funds quickly and instantly with few taps on the smartphone screen. Whether you like to buy products from merchants, book services, transfer cash, or pay bills, the digital wallet is the single-best app-based payment outlet to make a smooth flow of transactions. To build interactive, highly responsive, and feature-rich e-wallets, every possible mobile banking app development company follows the latest trends. It helps to add futuristic functionalities to enhance the pleasure of making safe cash transactions without any hassle.
Best Features to Find with Digital Wallet 1. Payment Transfer Digital wallets transfer funds from one e-wallet another along with one ledger account to someone else accounts. Also, you can transfer funds to your bank account in an instant manner. 2. Bill Payments Make bill payments go easy and hassle-free with an e-Wallet. People look for viable options to make payments of electricity bills, rents, loans, mobile recharges, and more. Pay bills in no time by clicking on a preferred choice of bill icon in the mobile app. 3. Merchant Payments A whole lot of retailers, wholesalers, suppliers, and merchants allow customers to make their payments via specific e-wallets. All you have to do is either scan the QR code, enter the mobile number, or bank details of the paying partner.
Top Digital Wallet Trends in 2021
1. Biometric Authentication By looking at the increase in the usage of digital wallets for making payments and transactions. There is a rising need to maintain an optimum level of transactional security and complete user authentication. 4 Biometric authentication provides fingerprint scanning, retina scanning, facial scanning, and heartbeat scanning protection mode to safeguard all the payments. 2. QR Code Scanning QR code is still the topmost e-wallets trend to follow. It saves time and effort to just scan the QR code of the merchant and make payment swiftly. No need to associate any contact number with the transaction. Directly pay via QR code scanning and witness flexible payments, reduced errors, and fast transactions. 3. Voice-Assistant Payment Voice-activated payment is a one-step ahead of biometric authentication. A user can use his/her voice on the device to first call for the merchant, say the price to be paid, and final command to pay. At present, more and more mobile banking apps have voice-enabled features to speed up transactions.
4. Cloud Integration Cloud integration is the best solution to mitigate the risk of late payments due to technical failure or demographic issues. It helps to set up remote-based digital wallets of retailers, merchants, and banks.
Top-Rated Digital Wallets of 2021 Find here a comprehensive list of digital wallet apps that are not new but still able to capture the whole market in coming years. ● ● ● ● ● ● ● ●
PayPal PayTM Google Pay Amazon Pay Zelle Apple Pay WeChat Pay Alipay
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