The past decade has brought about such a steep rise in our digital payment systems. Due to digital transformation, our mobile wallet applications are dominating the market for online payments and are being increasingly becoming the preferred payment method for fuss-free and quick transactions. Mobile wallet apps also save us a lot of time by eliminating the need to wait in line to make a payment transaction and makes it simple and easy to transfer money.
These mobile payment apps such as e-wallet are peer-to-peer (P2P) applications do provide a reliable and secure advanced payment solution. It also ensures that a payment transaction will happen with the speed of an SMS. The e-wallets enable you to send digital cash with the use of your mobile device to either a payment terminal or to an individual, thus making payment transactions easy to do quickly.
Due to the rapid increase in the popularity of payment apps like that of e-wallets, there are several startups that have painstakingly built and designed their app platforms to respond to this ever-growing demand. There are success stories of e-wallet apps that serve as an inspiration for many mobile wallet app developers.
According to a research study, the e-wallet market is annual rate growth will be at around thirty-three percent from the year 2019 to reach over four hundred and fifty billion in the year 2026. Another report estimated that the market will rise at the compound annual growth rate of fifteen percent.
For online payments
The predicted annual growth rate and the forecast have recently changed due to the health crisis situation, as more people are downloading e-wallets to make an online payment transaction. The stay-in-shelter orders made in impossible for millions to go out of their homes, so they had to obtain their groceries and other supplies from online sellers. Using an e-wallet became necessary for those who needed that e-wallet as it is one of the payment methods of shopping sites.
Creating an e-wallet account
Those who do not have bank accounts and other financial instruments such as debit cards or credit cards also used e-wallets to be able to make an online payment as it is easy to open an account as these typically only require one identification card. These e-wallets can also be downloaded for free and require no maintaining balance, unlike most bank accounts.
Taking into account the rising popularity of payment apps such as that of e-wallets, e-commerce sites, banks, telcos, and financial companies, telcos, are included in a few of the sectors that pay close attention to this digital revolution. These industries realize that if they are not on board and do not take part in the e-wallet opportunity, they indeed will be trailing far behind in the digital rat race. Such companies have to be innovative to provide an excellent e-wallet consumer experience that has a secure payment system.