A concise look at the global phenomenon of e-wallets and why today’s PayTechs should harness opportunities within the sector.
E-wallet app development is booming
It’s nearly impossible for any player in today’s FinTech ecosystem to ignore the unstoppable growth of e-wallet and digital payments. To prove this, one of the most comprehensive reports on mobile wallets to date projected that over half of the global population will adopt mobile wallets by 2025—much of this fueled by increased smartphone and internet accessibility worldwide.
That’s why our experts have focused on diving deeper into key trends and opportunities within the world of e-wallet development. For both business and PayTechs, there’s no better time to start developing an e-wallet app and gain unbridled consumer access around the world.
The digital wallet: trends and opportunities
E-wallets are combinations of secure storage and payment acceptance gateways that are used for online transactions with a computer or smartphone. In other words, they provide the same service as a debit or credit card. But, instead of plastic, they are fully digital and eliminate the need to carry a physical wallet.
So, what preceded the rise in e-wallet payment systems? More than anything, it started with novel FinTech solutions such as open banking which disrupted traditional finance models and promoted competition with more players offering better customer outcomes.
More recently, these digital finance solutions were put into hyper-drive by the COVID-19 pandemic, where online payments have permanently overtaken traditional methods such as credit cards, debit cards, bank transfers and cash. As e-wallet adoption continues to grow worldwide, it’s essential for today’s FinTechs to understand why this sector is increasingly popular with consumers and to harness the emerging opportunities, such as:
- Truly worldwide access. From retailers to consumers, people everywhere are moving fast to adopt e-wallets, making market access that much more universal for new services or products. This is particularly exciting for disruptive FinTech services that have broad appeal in today’s consumer-centric revolution.
- Seamless UX. Customers are attracted to the ease and accessibility designed into e-wallet apps. These apps have simplified many of the complexities of traditional financial services, from streamlining P2P payment options to canceling the need for in-person account opening, and this approach should be a focal point for any PayTech or business. Utilizing design principles in FinTech services can also be pivotal for the end product. Whatever phase you’re in, remember to perform plenty of market research and use this to establish a strong foundation for future growth.
- Top-notch security. Users everywhere demand increased security for their finances, and e-wallets deliver. With security software becoming more sophisticated, novel security service provider options are opening up. In one of our FinTech-focused podcasts, we find out about this fascinating world from a company known as Onfido, an AI-based and facial biometrics verification service.
- Options to personalize. There are a multitude of business models and revenue structures to choose from, and FinTech players must choose wisely. But one thing’s for certain: consumers love to customize—and one of the most innovative types of digital wallets in this arena is the Buy Now Pay Later (BNPL) service.
- Wide-ranging user features. When compared to traditional financial services, e-wallet services are seemingly endless thanks to today’s digital and mobile solutions. For any unmet consumer or merchant needs, e-wallets can provide groundbreaking in-app services.
Harnessing FinTech solutions for the future
For anyone looking to get ahead in modern FinTech technology consulting services, e-wallet app development is a strong launch-off point. However, capitalizing on its enormous potential first requires a specialized and holistic approach. No matter what continent, Star’s team of digital finance experts co-creates with its partners to innovate on an extensive range of products — from FinTech builders and blockchain applications to digital finance experiences and IoT solutions. Find out all the steps needed to translate your next big idea into a tangible product today.
