The world is smaller with the advancement of technology. People work remotely for international companies and get paid through digital wallets like PayPal and Payoneer.
Therefore it becomes more convenient for them to purchase things online and pay using an e-wallet. Transferring e-wallet funds to your traditional banking option can be costly and sometimes takes days.
Digital wallets have taught consumers that payments can happen instantly and you can access your funds as soon as you get paid or a deposit is made to your account.
With the influence of technology on customer expectations, this is becoming more of a better option than traditional banking options like Visa, Mastercard and Maestro.
2021 Stats Of Digital Wallet Payments
Visa and Mastercard are still dominant as they make more sense for purchases made in land-based stores. They’ve also found ways to keep up with the times and make payments easier and faster when making purchases. Hence you’ll also find these options when making payments on online platforms like 32 red mobile casino, or a streaming platform like Netflix.
Traditional payment weaknesses with international payments are that they take longer to process. That’s where digital wallets shine. To prove that these forms of payments will become even more dominant in 2023 than in previous years, here are 2021 stats and 2025 predictions by the FIS Global Payments Report:
| Global payment options used: | 2021 | 2025 forecast |
| Digital wallets | 49% | 53% |
| Credit cards | 21% | 19% |
| Debit cards | 13% | 13% |
| Bank transfer | 7% | 6% |
Three Elements Pushing The Dominance Of Digital Wallets
Digital wallets have proven to be faster and more flexible than traditional ones. Since customers have tasted this luxury, there’s no going back. It’s for this reason and many others that in 2023 and going forward, these forms of payments will continue growing.
Convenience
When looking at a list of payment methods in an online store, you select one that’s more convenient for you. There is one thing even online customers desire, which is having things done immediately. Hence we opt for online shops that deliver fast and for that to happen, your payment needs to be processed even faster.
Ewallet payments happen instantly even if you’re using one in a global online platform. They’re the best option to send money to friends and relatives who are overseas. International payments don’t take days to be processed and you won’t have to eventually visit the bank to find out that your money is stuck in the system and you need to wait for it to be processed.
Security
Unlike the physical wallet you keep in your pocket or bag, e-wallets are safer. They’re accessible through digital device applications or web browsers. If you lose your wallet, you have to go through the process of blocking all your cards and replacing them. If you lose your cell phone, it’s protected by passwords or fingerprint scanning so others don’t open it.
On top of that, e-wallet apps usually use two-factor authentication, and your data and funds are encrypted. Some e-wallets go further and camouflage your payment information. When you make a payment, a unique identifier is sent out in place of your account information.
Globally Accepted
Most businesses have their products and services available online. They’ve also adapted to the acceptance of many different e-wallet payments. Also, as mentioned before, some employees who work remotely for global companies are paid faster through digital wallets. So, globalisation has made digital wallets the better option over traditional payments.
In Summary
Globalisation and technological advancements have influenced customer expectations so much that digital wallets have been deemed more convenient than traditional payment methods. Hence in 2023 and the next coming years, there’ll be an expansion in the use of digital wallets. There are already a large number of businesses accepting these methods of payment and an even larger number of users.
“Creator. Troublemaker. Hardcore alcohol lover. Web evangelist. Extreme pop culture practitioner. Devoted zombie scholar. Avid introvert.”