Have you noticed the transition of smartphones over the last decade? People do not carry their wallets anymore. Cashless transactions are creeping into our lives. This has led to a state where users can choose from a variety of E-wallet to choose from. With the digitization of the world so apparent, entrepreneurs are eyeing to invest in the vastly expanding digital wallet app development services. In this blog, let’s take a look at why rolling out an E-wallet app is both beneficial and profitable for people and entrepreneurs.
‘The market for E-wallets is expanding more than ever’
Have a look at the facts that support the above statement.
- According to Zion Market Research, the global market for digital wallets is forecasting a CAGR of 32% between 2017 and 2022.
- This CAGR could mean that the market valued at $594 billion in 2016 will reach a significant value of $3142 billion by 2022.
- According to the Worldpay’s global payment reports, transactions made through e-wallets for e-commerce apps occupy a considerable share of 36%.
- Besides, the percentage is expected to reach 47% by 2022.
- By 2022, e-wallets will hold the second position behind transactions made through cash in Point Of Sale payment methods.
- According to the U.K. Cards Association, digital modes of payment in the United Kingdom has increased to 184%, witnessing 179.6 billion transactions.
All these facts signify that entrepreneurs needn’t restrain themselves from investing in this E-wallet app development.
‘Digital wallet offers enticing benefits’
Any service cannot sustain in the market unless it achieves the maximum user satisfaction. The benefits of these electronic wallets include,
- Users needn’t enter their account details every time during transactions. They can pay for multiple services seamlessly through the e-wallet.
- Moreover, these wallets eliminate the burden of carrying cash. This enhanced convenience is one of the prime reasons for the online platforms’ success in the market.
- Besides, merchants add an extra payment option through these digital wallets. Users can scan the QR codes to pay for merchants and vendors without any hassles.
- Most of the wallet apps come with budget tracking options. This way, you can limit your expenses and conserve a noticeable amount of money through the app.
- With the use of e-wallets, users make their transactions more secure. The account details are stored securely in the app and can be accessed only through users’ biometrics. This is not possible in case of credit/debit cards.
This COVID-19 situation has made us realize the importance and convenience of cashless transactions. There is no doubt that people will continue to use digital wallet apps due to the variety of benefits they offer. Reach out to a digital wallet app development company, and get your best-in-class e-wallet app developed right away!