Digitalization has found its way around the midst of COVID-19, and we have been lucky to witness a lot of technological transformation in every sector.

The year started on the theme of contactless, with no physical touch to forms of transactions. In the wake of all these terms and conditions, the digital wallet took over the world. The general public began to choose this as a payment option, resulting in big e-commerce brands and companies switching to contactless transactions.

That is why it is easier in today's world to travel around cashless because every transaction can be made through digital payment gateways via mobile phones.

Unexpectedly, over 779 billion fintech digital transactions happened worldwide in 2020. This digit is expected to go higher than 13% in the years to come.

Digital Wallets have gained a lot of credibility and have been gaining it every day till today. It's definitely going to be great to see how payment systems are going to change the world.

Now, Let's check out the latest trend running in the E-wallets Market
Surge in Voice-Activated Transactions
Since convenience has evolved in every shape and form, voice-based technology has taken a sharp hike, for example, Virtual assistance, etc. There's a high potential that many wallet apps may integrate speech AI on their phone, which also includes voice payment features.
NFC-Based Payments on the Rise
NFCs have gained a lot of popularity since COVID-19 for their one-tap and transfer capabilities. This evolution of technology will also be transported to e-letteral applications where NFC can transfer encrypted data to point-of-sale gadgets.

A study report mentioned that by the year 2027, contactless cards with NFC will rise up to 36% off all payments.

Cloud Dependency at its Peak
The cloud has been a true saver for many businesses because of its storage capabilities. Soon, 90% of businesses will start leaning on the cloud and connecting more of their digital wallets with it. This will also include e-wallet applications where consumers might experience problems related to late payment.

Rising Adoption of Biometric Authentication
Along with the boom of digital payment systems, there also came a rise in security protocols, such as biometric-based verification, that can be used in digital payments in order to prevent any kind of fraud and theft.

Passwords have been replaced with biometric technology that uses individual fingerprint scanning, facial recognition heartbeat analysis and many more.

According to recent research, there are about 2.5 million biometric payment cards are initiated to be issued this year.

QR Code Expansion Unleashed
We, as individuals, make a lot of transactions every single day, and sometimes, there are better options than giving out your number. In such cases, a QR code plays the best role as a scanner that lets you scan a code and transfer the funds to the respective person.

It makes life 90% easier and has undoubtedly gone ahead with the NFC payment system since it doesn't require a card but just your smartphone.

To give you a few statistics examples, about 12 million users every week use a QR to make payments.

The Dynamic Duo: Machine Learning & Artificial Intelligence in Transactions
Many individuals/ companies have a few repetitive payments to make every month, which can now be automated with the help of AI-powered e-wallets. This helps them organize and automate their routine tasks and make payments more efficiently.

The use of Machine Learning here is that it helps create software threats and fraud detection, which is feasible for the capabilities of Machine Learning Algorithms.

Navigating Digital Currencies with Cryptocurrency Wallets
In recent years, more than 40 million e-wallets have been created to initiate and support cryptocurrency payments.

Don't worry this is just a small number. The number is yet to go 10-fold with the rise of the utilization of cryptocurrency. This sudden boom is because Blockchain and cryptos have cancelled out the middleman for conducting payments and made it 1000% safer than before.

The 5G Impact: Hyperconnectivity Redefining Digital Transactions
5G network is on the run to be a part of everyone's life, and with that being said, everything is just going to get better. With the help of high-speed internet, transactions can happen from any part of the world within no time.

How to get an E-Wallet?
For consumers
Step 1
Go to your app store and download a free E-wallet application on your smartphone.

Step 2
Register yourself on the wallet application.

Step 3
Transfer funds from your debit/ credit card into your e-wallet account.

Step 4
Give your wallet all the necessary permissions.

Step 5
Enjoy using your e-wallet as a payment gateway for many transactions and incentivize benefits.

For Merchant
Step 1
Go to your app store and download a free E-wallet application on your smartphone.

Step 2
Register yourself on the wallet application.

Step 3
Declare yourself as a merchant

Step 4
Start Accepting Payments

What do you need in order to begin utilizing an E-wallet?
Bank Account
Smartphone
2G/3G/4G connection
A free wallet app

Change the way you handle your money with Mobiloitte's E-Wallet Development Services.

We craft the best E-Wallet development services to help you maintain your assets safely and securely. Our services include Mobile Wallet Development, Web Wallet Development, Cryptocurrency Wallet Development, NFC-Based Wallet Services, QR Code Payments, Biometric Authentication, Blockchain Integration, Multi-Currency Support, Peer-to-Peer Transactions, Bill Payments, Integration with Banking Systems, and many more. Interested in getting your own E-Wallet?

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