Moving With The Digital Wallet Trends
In the midst of turmoil, technology has always found a solution. During the COVID-19 pandemic, innovation blossomed. From no human touch to digital purchases, contactless was indeed the phrase of the year ( … or shall we say, two years).
The post-pandemic age has been completely dominated by digital wallets. This payment method has grown in prominence among the vast majority of the population due to the promotion of no-contact transactions by leading companies and eCommerce enterprises. Additionally, since even small businesses support digital payments, it is easier than ever to travel with just a bank card and a loaded mobile eWallet.
What is an eWallet?
An eWallet (or Digital Wallet) is basically a software designed to facilitate financial transactions and is compatible with mobile platforms. It maintains your credentials and payment details in a safe and secure manner. These apps enable you to pay for your purchases without having to carry about a large amount of cash, or even a credit or debit card, for that matter. After downloading the relevant app and storing the pertinent information for your credit card, debit card, or bank account, you can make payments using your smartphone, virtual card, or even a physical card going forward.
Businesses have taken notice of this shift in the market, and a number of them have taken the plunge, now accepting different types of eWallet payments such as Apple Pay and Google Pay. Some of the most prominent include those within the travel and hospitality industry, such as airlines, hotels, and major agencies, including Expedia. Although, many in the iGaming industry have also also jumped on the eWallet wagon, including top WV online casino BetMGM, with their introduction of PayNearMe as a payment method,
How Does It Work
In order to safely send payment information from a smartphone to the point of sale, eWallets utilize wireless technologies such as Bluetooth, wifi, and magnetic signals, including QR Codes, NFCs (Near field communications), and MSTs (Magnetic secure transmissions). The app sends the necessary information to the POS terminal, which is linked to payment processors. After that, the money is sent via the appropriate gateways, payment networks, and banks in order to complete the transaction.
Are eWallets Safe?
In order to keep financial information safe, digital wallets employ powerful encryption techniques. Also, eWallets are password-protected and typically only accessible through fingerprint, making them extremely safe. If further security measures are required, several digital wallets provide measures such as two-factor authentication, non-reusable virtual cards, and one-time pins. Having said that, we'd still recommend keeping an eye out for strange behavior, retaining your credentials to yourself, and making sure you can quickly disable your device if it's lost.
Digital Wallet Trends
Storing and Spending Cryptocurrencies
A three-year timespan demonstrates that the cumulative count of crypto users has increased from 34.6 million in 2019 to over 70 million at the end of March 2021, according to Statista. As a result, many eWallets such as Revolut, Play+, and PayNearMe have been fine-tuned to keep up with the rapid growth of cryptocurrencies.
As the need for convenience develops, vocal-led innovations such as digital assistants have become the standard for many users. More and more applications now provide the option to use the phone's speech AI or even to accept payments using voice commands.
The need to be connected 24/7 has led to a growth in demand for voice payments. Fast-paced modern environments require solutions that save time while still being as straightforward as possible. As a matter of fact, customers of mobile payment networks like Zelle, Venmo, and PayPal may already utilize voice-activated instructions to perform financial tasks. These include things like sending money to friends and family, shopping online, or using the ‘reorder' feature.