Today, digital wallet application development services are heading towards a new era of the cashless world. With every technological up-gradation in the banking system, we become able to thrive in a cashless economy. Furthermore, it is encouraging every business to prioritize digital wallets. Now, customers are adopting new practices.
Now the world has become more interconnected, thanks to innovative android app development services. So, there is the need for commonly agreed sources of value that have arisen for trade. This change shifted us as a society away from physical cash payment.
Every new improvisation is making the world digitized. These are racking up numerous options to save time, manage cost reduction, etc. Here one of these innovations is a digital wallet. It has a leveraged market with a cashless, cardless or one-click payment system. It would be more probable to see a cashless economy soon.
What is a digital wallet?
The digital wallets are known as a transactional medium. It wondrously liberates a use from carrying cash for every single deal. In other words, these are virtual wallet makes the simplest way of payment.
This wallet links to the debit or credit card, rewards or coupon information, etc. Today, digital wallets are the trending medium of payment. They have grossed up into a huge number of service providers.
There are numerous factors behind the gradual shift from a cash-laden economy to the digital economy. However, the core factor being instrumental behind this shift, the unprecedented growth of smartphones and internet penetration.
Read the blog- Top Trending Mobile Wallet Apps
On the other hand, quick adaptability is largely driven by a willingness to embrace and accept the digital Revolution and to effectively adapt in time to gain a competitive advantage. Payments players are developing a strategic roadmap to best position themselves for success, the majority of the help is being made possible through the help of varied android app development services. Behind this evolution is the constant endeavor to make the payment process fast and frictionless.
With digital wallet or payment service providers, the financial infusion takes a lead forward. But still, every improvisation excels in the possibilities of a new trend. Let’s buckle up for the following :
E-Wallet application development services Trends to Look Out for in 2020
The evolution of smartphones is enabling new payment capabilities. This has revolutionized digital payments coupled with innovations in payment access and security technologies.
Technological advances such as more affordable smartphones and the growing footprint and speed of mobile telecommunications networks have enabled this shift as have social-economic factors.
Digital wallet payments transcend all elements of Financial Services, from consumer micropayments of mere cents and dollars to sovereign payment transactions in the hundreds of millions or billions of dollars.
The world is shifting digital, here digital wallets trends to be looked out in 2020
1) Cryptocurrency Wallets
Cryptocurrency is heading for record profits. Probably it would slowly get an authorized or legitimate currency. Based on research, it can be well concluded that the cryptocurrency wallets are safe and suitable. The fundamental reason behind it is a minimal additional cost in comparison to paying with physical money.
The cryptocurrency payment does not incur a high transactional fee, because no third party is involved. Only the cost of the network is involved in which transaction is done.
These Cryptocurrency wallets are software programs storing both of user’s public and private keys, and then interface with all available blockchains. With the help of this, users can easily monitor their balance, transfer money or conduct further operations.
When any person wants to send bitcoins or other digital currency, he is signing off the coin’s ownership to other wallets’ addresses. After that for being able to access coins and unlock the required funds, the stored private key must match the assigned public address.
Now, If both the public and private keys get matched, the digital wallet balance will be increased, and the balance of the senders will decrease.
The entire process does not have an exchange or use of real coins. It is signified by a transaction record that is on the blockchain and a respective change in Cryptocurrency wallet balance.
Now it is being adopted by small to medium business enterprises. According to the study, the use of cryptocurrency wallets has exponentially improved from just 6.7 million to 42 million in 2019.
It eliminates the requirement of the third party in your transaction. It leads to secured transactions as well as cost. Now, with this successful adaptability, it would be certainly an influential way of payment.
2) Smart Speaker Payments
Self-innovativeness describes as a person’s willingness to seek and try out new technology. Today, Smart Speakers have experienced a noticeable growth since the launch smart speaker by Amazon in 2014. This also pushed the demand to hire app developers further.
Moreover, Apple and Google also entered into the competition. Today, smart speakers have morphed into a mainstream among a large number of households. A study by Statista shows that 82% of people used Smart Speakers to retrieve information. On the other hand, 35% of people bought products with the help of smart speakers.
In the case of online payment s are concerned, about 28% of the users made a direct payment for their purchases or either send money.
Although these numbers are not demystifying a huge difference, it indicates a much-anticipated shift in the user’s habit. Shortly it would become more convenient and secure for the smart speakers’ users.
Undoubtedly, perceived ease while using smart speakers possess a positive influence on the perceived usefulness of the technology.
Business Insider predicted that the smart speaker’s usage for making payments will swell up to 77.9 million users from just 18.4 million by 2022.
The degree to which users are using smart speakers is now actively adaptive in their social surroundings. The influence of a new medium of digital payment would be more extending to a larger scale.
3) NFC-Based Wallet Solutions
With the rapid growth in digital technologies worldwide, Digital payment services are being adopted all over the world and great work is going on in mobile application development companies, albeit in different ways in the developed and developing economies.
Digital Wallet applications with NFC will play a major role in day-to-day life activities by serving as virtual wallets, which contain virtual payment cards, mass transit tickets, loyalty cards, access cards and more.
.NFC technology has fetched more acceptability due to reliability and conformity. Here, let’s come to the functioning of NFC based wallets.
The user’s smartphones come with the NFC technology Through this, the users become able to establish communication with the NFC card machines. The technology is convenient, easy to use and intuitively familiar to the users. They do not need to have any knowledge about the underlying technology as the communication starts automatically by simply bringing two devices, or a device and a tag respectively, physically together.
Most importantly, most smartphones are not required to touch the POS(point of sale)device for making the payment. But here, these devices have to be proximity to the terminal.
NFC offers great capabilities for various and comprehensive use cases. Therefore, NFC is perfectly suited for digital payment scenarios.
4) AI-Based Wallet Solutions to Automate Routine Transactions
The payments landscape has experienced a wave of innovation. It is, driven by a well-paved technological advancement. As a result, the consumer desire for on-demand payment solutions has taken place. Here, the exemplary role of AI-based wallet solutions comes into the picture.
AI has explored the potential to enable payments to that embedded a dramatic transformation with the commitment of operational efficiencies.
The AI-based wallet solutions continue to swiftly grow mad driven by newly evolved technologies and vehemently followed by growing e wallet app development companies. It has witnessed a prevalent digital transformation in every industry. The digital transaction is a key area where the integration of AI is required to enrich customer experience.
The use of Artificial Intelligence (AI), has expanded now a day’s most of ecommerce businesses are employing companies AI-based chatbots. These chatbots help in addressing their customers’ concerns. AI chatbots are capable enough to execute and automate the customer’s basic transactions with their approval.
With a series of continuous advancement, AI also handles voice instructions. As a result, it can execute routine payments much easier.
The revolutionary changes in global payments are the result of the AI advancements. And we have just started to scratch the surface. The continuous development of internet data penetration with a huge number of smartphones have been the high-octane fuel means that propels the digital wallets in the marketplace.
5) Biometric authentication
It is highly probable that using ATM-like tangible systems would be relevant in the coming years. Today, consumers are increasingly using digital wallets for their routine payments. As a result, many of the enterprises have employed in a process to leverage biometrics authentication for every payment and money transfer.
Digital wallets like Apple Pay and Android Pay has introduced biometric authentication. Now it is clear that this trend will have its place in the future and in the upcoming ewallet app development projects.
Now the biometric authentication system is getting common worldwide. Henceforth, payment systems are heading towards advanced approaches. In the case of personally identifiable authentication systems containing crucial users’ data, it provides secure access for preventing unauthorized access. It saves confidential information from users.
Today, some of the digital enterprises are prone to upgrade their ewallet app development services. The shift in means of payment like biometric authentication is a major one. The biometric technology has witnessed an advanced form from the basic facial recognition and fingerprinting to the complex vein mapping, heartbeat analysis, and Iris recognition. It will present a potential for biometric payment systems in 2020.
In a substantial comparison to the old payment methods, it would be boosting accuracy, efficiency, and accuracy significantly. Furthermore, it offers consumers a quick, secure and convenient way of payment as well as provides merchants a significant opportunity to improve their in-store payment experiences
6) International Remittance
International remittance is known as is a money transfer to his/her family, friends or individuals by a foreign worker in their home country. The past 3 decades in the remittance industry have marked the exponential growth of the network of an agent. It constitutes a significant amount of a country’s GDP.
As per the report of the World Bank, the total figure of global remittance in high-income countries are more than Lowe and middle-income countries. In low and middle-income countries it was,$529 billion while it reached $689 billion in high-income countries.
International remittances provide a link between the people migrated and development. It is expected that remittances are more than three times the size of official development assistance in developing nations.
Over the last few years, there has been a wave of new players on the ground of android application development services and a dominating push to digitize remittances. Here, some user-friendly digital wallets and smart ways to establish a connection to all domestic payments systems, Innovative processes to successfully onboard clients, and targeted business models are being explored.
Today, It becomes so easy for a person to transfer money from one digital wallet to another account. After that, the recipient becomes able to cash out the remittance according to their most convenient time. Also, it only requires to give the recipient’s email address.
The fundamental reason behind this, the dedicated use of smartphones with a healthy adoption of digital wallet solutions. These have transformed the landscape of remittances.
Coming out of liquidity shortage, today the digital transformation has defined the financial transactions into an improvised way. Now the economy is being shifted towards the cashless transactions. Undoubtedly, Digital wallet solutions have transformed the functioning of financial transactions. It is becoming the most preferred mode of payments. It’s a general theory, that customer retention is an integral part of every enterprise’s success plan. So, here a digitized payment mechanism has become impertinent aspect of routine payments at multiple merchants. In a short time, most of the world economies would adopt digital wallets as a primary option. Undoubtedly, the use of digital wallets will be more productive for the market.