The digital wallet space is witnessing incredible growth all around the world due to the convenience on offer as compared to the use of net banking, credit cards and debit cards. Digital wallets allow users to make payments through their bank accounts using their phones, without any need to enter the same authentication details time and again, thereby facilitating the process of making payments on-the-go move a lot quicker.
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As the use of the digital wallets is on a surge, commercial businesses are adopting technologies that enable them to accept digital payments from their customers. The digital wallet information that is used by you is not stored on the phone, rather it is stored on the e-wallet app itself, and so the confidential information is protected by the app. The digital wallet apps are also secured with a pin or a password to ensure that it could be opened only by the owner, proving the best possible security from online frauds and other privacy risks.
Future trends for the digital wallet space
The digital wallet space has grown over the past decade, and a lot of new applications are available in the market, using which you can easily make payments. The awareness on the convenience of these apps among customers has helped in the rapid expansion of the digital wallet space. Experts expect the digital wallet space to grow by 25 percent year on year for the next decade. Market researchers feel that the growth of digital wallets is very favorable in the coming years as markets and the customers are aligned for the expansion of this sector.
There are a lot of companies active in the digital wallet space. Developers have been integrating the latest features into their applications to provide an excellent environment for end users. This enables the users to navigate through the different features, thereby ensuring maximum customer satisfaction.
A Few Leading global digital wallet providers
There are numerous digital wallet applications that are available all over the world due to the rapidly increasing demand. Here are some of the top globally used digital wallets:
- Due: It is a global digital wallet that offers swift and advanced technology to transfer money instantly from one account to another using a mobile phone app. This platform has an integrated option for splitting the bill, and also provides a social platform where users can communicate during the transaction process. This digital wallet offers bill tracking, invoicing, and bill payments within the application.
- Paypal: This is a digital wallet that is known in the international marketplace, it is one of the most prominent brands in this sector. This app supports over 25 currencies in over 200 markets and is known to provide a good end to end service and customer experience. It offers payment tracking, fraud prevention, transaction monitoring, resolution of conflicts, and professional invoice creation, to name a few of the best features of this app.
- Gyft: This is a digital wallet that is different from the other digital wallets as this app is not based on the crypto-based wallets system, in lieu this app provides the users the ability to make their payments in the form of gift cards. The customers can keep a track of the balance of their gift cards on the app and can use this balance to pay for their shopping from the brands that they have got their gift cards for. This app works with major credit cards and can also be stocked with money from other digital wallets, including PayPal and Bitcoin.
- Adyen: This is more than a digital wallet; it acts as an online payment accepting platform that allows users to use different tools to receive any kind of payment on this app. This is a favourable app for businesses of any size to make and accept the payments based on their own preferences. This app has also partnered with popular streaming apps like Netflix, Spotify, etc. to provide a touch of fintech to their services.
- Coinbase: This application has over 13 million users and has experienced an exchange of digital currency worth $150 billion. This app allows users to trade using bitcoin, Litecoin, and Ethereum and then to convert them to fiat currencies.
- Apple Pay: This is a digital wallet service that could be accessed by the devices manufactured by Apple. This is the most commonly used digital payment wallet that allows users to make smooth transactions. This is a safe and convenient way to transfer money to your friends and family. The card information that is used on this app never gets stored, and so the users can be protected from any potential fraud.
- Google Pay: This app was introduced in the year 2015 and has been used frequently by millions of users across 28 countries to make safe and faster payments. This app comes with a set of different layers of security that help in safe transactions from the account and also offers the audio-based QR system to make the payment process more convenient for its customers. This app allows tracking of the transaction history and also provides various payment options.
- Facebook Pay: This is a partner application that is supported by WhatsApp, Messenger, and Instagram, along with Facebook itself. This app offers a fraud detection system that alerts the users about any unauthorised transaction that takes place in their account. This is an easy way to send money to your family and friends without any additional fee being charged.
- Alipay: This application has over 1 billion users worldwide, and it offers the fastest, easiest and the most convenient payment options to make the necessary payment transactions using your mobile phone. This app offers privacy protection and real-time monitoring to ensure safe transactions.
- Zelle: This app offers peer-to-peer transactions through a safe, and convenient method. This app cuts on the cost of processing cheques and provides a fast way and secure way to make multiple payments.
With the penetration of internet and smartphones increasing globally, the popularity of digital wallet services is expected to witness steady growth over the next few years leading to more innovators and fintechs launching new features to enable this market.
