Mobile wallets have gradually evolved from being a niche payment method for consumers who are digitally-savvy, to a payment method that is mainstream. Innovations in technology have diversified how and where mobile wallets can be used which has led to their rapid growth in the past 5 years. As per a report, the mobile wallet transaction value is set to reach a staggering figure of nearly 14 trillion USD by 2022, worldwide.
Future trends for mobile wallets reveal that advances in this field might eliminate the need for paper money altogether. Here, we aim to highlight some of the top trends that will influence the growth of mobile wallets across the globe, help in making payments more secure and convenient, and pave the way for a digital future.
Mobile wallets were first introduced in 2014 via Apple Pay and owing to its success, competitors designed and launched their own apps like Android Pay, Microsoft Wallet etc. This has led to the spawn of many apps which have ditched traditional methods of payment and adopted mobile payments as a vision for the future. Traditional banking Institutions have also worked to develop mobile wallets for customers to assist and improve their banking experience.
Everyone likes being rewarded, and many banking institutions and retailers have started offering discounts and rewards to customers each time they use their mobile wallets. It is a way to incentivize customers to remain loyal to their brand. Retailers across the world are expected to follow suit or get left behind.
The security and simplicity of NFC technology have been the greatest inspiration for digital payment solutions. It greatly reduces the time and effort needed to carry out multiple transactions.
Due to advances in this field, AI is being used by companies across the world to manage routine interactions with their customers. For e.g., Chat bots &voice instructions greatly reduce the need to speak with an agent, thereby reducing operational costs.
Crypto currency eliminates the need for a third party in the payment process which makes transactions secure and convenient. Businesses that adopt this tech can expect to thrive better than those that do not.
As consumers become more proficient with tech and keep these trends in mind, payments through mobile wallets will be the new future. Additionally, we can also expect rapid growth of digital banking solutions, remote bank accounts and even digital credit cards.
TraQiQ offers digital solutions to help large corporations across the world serve their customers better. A robust mobile wallet enables users to manage and control finances through a convergent platform where they can virtually store and use financial assets. TraQiQ also offers solutions that payment service providers need to launch and scale their businesses.