Leverage Your Business With Digital Wallets And Mobile Payments For Your Customers

Electronic transactions are lifelines of online businesses. The use of digital wallets and mobile payments are increasing with ease to access the internet on mobile phones and desktops. Research suggests that by 2023, the active user base of digital wallets will grow up to 1.3 billion.
Similarly, the rapidly increasing mobile consumer base is driving the growth of mobile payment transactions. It is estimated that the transaction value of mobile payment apps will reach nearly $14 trillion.

What are Digital Wallets?

Digital wallets or e-wallets are the online services that provide the convenience of making cashless transactions by storing multiple digital payment options. With the help of digital wallets, users could store payment information and make payments as and when required. The digital wallets are usually secured with the help of passwords, pins, and phone lock patterns.
It allows users to store customer information securely (e.g., email address), payment information (such as debit or credit card data), and shipping address details. The user has options to preselect a payment method within the wallet application for faster execution of transactions.
Users can make an online payment using the digital wallet to book movie shows, buy pizza online, or shop on e-commerce sites.
Current available and accessible mobile wallet options among the users are Apple Pay, Google Pay, and Samsung Pay. Out of 39% of the mobile wallet owners, 64% of them pay using mobile devices. Apple Pay is the leading mobile wallet with 227 million users as of 2020, followed by 100 million users each under Google and Samsung Pay. READ MORE

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