The Coronavirus (COVID-19) pandemic led to greater use of digital wallets, as consumers shifted away from cash for online and in-store payments. With gaps in financial services, increased user functions on digital wallets are challenging banks to build their digital capabilities or partner with digital wallets to remain relevant. In addition to more partnerships with merchants and operators, trust in the security of digital wallets will remain an influential feature driving use in the future.
This report comes in PPT.
Developments and innovations in this retail environment are fast and rampant. Digital wallet operators need to spend more resources obsessing over each and every touchpoint that consumers have. While it is vital to remain competitive, it is also important to partner and integrate the best and most beneficial technology to improve the odds of a successful future. Technology giants have paved the way for the propagation of non-payment players.
The move towards super apps first emerged in China because of the market’s unique qualities, including its status as the world’s first so-called mobile-centric nation. The Asia Pacific region leads the world in the transition into using the smartphone or/and wearable electronics as a tool for commerce. While digital wallet adoption in the Western market still requires a push to convince consumers of its added value, the ecosystem by these Super Apps may help convince more consumers to utilise digital wallets.
Digital wallets are gaining massive popularity globally due to a rising digitally adept generation and speed and convenience demanded by consumers, resulting in rapid advancements of innovations that has driven an increase in adoption of digital wallets to facilitate mobile and wearable payments transactions. Where there are still barriers to overcome, digital wallets have the potential to steer society towards a cashless world.
While habits of card usage are notoriously difficult to break, the COVID-19 pandemic is driving a permanent shift in how consumers globally are paying. Digital wallet operators need to continue to educate and increase public awareness to drive further widespread adoption.
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