The whole idea of a digital wallet is not new at all. Digital wallets have been around since the 90s, but they have steadily evolved over time. According to some experts, now we find ourselves in the third generation of digital wallets, and this time they are taking the world by storm.
Over the years, payment methods have developed and changed. People have used paper money, debit cards, online transfers, and e-commerce methods like PayPal. The point is that society has seen major changes in how we use and view our money.One thing is certain though. Mobile payments are taking over credit/debit card payments at a fast rate.
The concept of e-wallets has gained popularity with the expansion of mobile phones. According to research by Business Insider, in the US alone, mobile payments will increase to over $500 billion in the coming years, and more than half of the population will use them as their main source of making payments.
Other developed countries like Sweden, the UK, the Netherlands, France, and so on, are already on the path to becoming completely cashless societies. Today, you can buy everything with just a few clicks, as your e-wallet will let you transact with ease.As the concept of paper money slowly becomes less popular – going cashless seems to be the next step of the financial revolution.
The Most Innovative Features of E-Wallets Today
The e-wallets revolution has just begun. In the next 5 years, more e-Wallet technologies will emerge, which will further make digital payments more secure. If you are wondering how to use e-wallets, and which features you should look for, then have a look below at the most innovative trends in the e-wallet industry.
Fast Casino Withdrawals with E-Wallets
Online casinos have become ever-so-popular at the moment. The most important factor for any punter is to have instant access to their winnings, so being registered to an online casino that has fast withdrawal processes is of the utmost importance to them.
E-wallets are known for having fast withdrawal times and people use them more than the other payment methods, such as credit or debit cards. So, fast payouts casinos are not a thing for the future, they are pretty much present nowadays.
Are you already using digital e-wallets or perhaps we’ve convinced you to give them a try? Let us know in the comments below!
Smart Speaker Payments
Amazon launched the first smart speaker in 2014, and their growth ever since has been dramatic. Apple and Google both joined the race for smart speakers and the quality increases every day. Voice assistants have become a norm these days among many households, as Statista shows that 35% of people have bought products through smart speakers and voice assistants, and 28% have made direct payments using them.
The number of smart speaker users is likely to increase even more in the future, as they become safer and more convenient to use. Business Insider forecasts that by 2022, 77.9 million people will own a smart speaker in the US alone, and 30% of US citizens will make online payments using smart speakers via their digital e-wallets.
The rise of cryptocurrency has been impressive in recent years, and nowadays, not only multi-million dollar industries use it. Startups and small businesses have adopted it, and as a result that, there are tonnesof crypto wallet app solutions.
The number of cryptocurrency wallet solutions has risen from 6.7 million in 2016, to almost 50 million in 2021, which is an astonishing number. Blockchain technology eliminates the need for a third party in any transaction, and it leads to more secure transactions, coupled with lower costs for them. So, it comes as no surprise businesses have adopted this technology, and this trend will continue in the future.
Car key storage
Gone are the days of bulky car keys that are easily misplaced! iPhone XS or Apple Watch Series 5 + users can now own a digital car stored securely on an e-wallet for hassle free access to your car. Learn all about how to set this up here.
Artificial Intelligence has made its way to being one of the bestemerging technologies in the world right now. A lot of companies use AI-based chatbots that help them communicate with their customers. As for e-wallets and mobile payments, AI chatbots have become useful in executing basic transactions with the approval of the customers. AI can handle voice instructions and execute payments so this is yet another innovative use of e-wallet tech!
NFC – Based Wallet Solutions
The usage of NFC (Near Field Communication) based contactless payments in the world has increased rapidly.At the moment, according to UKFinance, two-third of UK adults pay using contactless payments. Nowadays, most smartphones come with NFC technology through which they can communicate with NFC card machines. They need to be near the terminal for the transaction to be completed, so a digital NFC-based wallet app is the next step in the development of contactless payments.
Nowadays, young people are purchasing everything through their mobile phones and wallet, so we expect this technology to become more advanced and convenient over time.