Sneak peek in the future: Digital wallet trends to watch this year
Contactless is the word that sums up the year 2020. WIth the COVID-19 pandemic still spreading (albeit slowly), efforts are simultaneously being made to prevent it from spreading. Humanity has adjusted to the new standard thanks to how far it has come along in technology.
Each business had to transform digitally, and the same went for each transaction as well. Why was this done? So each can generally work without physical contact. So, naturally, when businesses shifted online, transactions did the same.
Interestingly, last year, there were more than 779 billion digital transactions made around the globe. This number is expected to grow at a rate of 13% in the coming years. Cash is set to be the least common payment method worldwide by the year 2022.
With reliability on digital wallets increasing each passing day, it is interesting to see the future of payments. It might continue to rise (or it may not), but studies show an optimistic picture. However, it may not be like that, as some experts suggest it could be a phase due to the COVID-19 pandemic.
Which trends will shape the industry of digital wallets in the time to come? Will those trends change? Do these questions seem like a handful? Don’t worry; let us break them down for you.
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Digital wallet trends that will rule 2021
With all that being said and proven, here are some of the worthwhile digital wallet trends that are worth watching this year and may rule both this year & beyond.
The rise in digital payment usage has naturally seen an increase in these payments’ security and safety. However, because of the possible fraud and theft (including their evolving practices), digital payments might see more authentication based on biometric mechanisms this year.
Among the most biometric authentication procedures are fingerprint scanning, facial recognition, vein mapping, heartbeat analysis, and the like.
According to BiometricUpdate.com, the usage will increase because estimates suggest that almost 2.5 million biometric payment cards will be issued this year. This increase gives an assurance of safer and more efficient transactions.
The rise in the usage of QR codes
Payments done via QR codes will rise, and there will be a much lesser need to give consumers an associated contact number or code number. QR codes make it easy for people to scan the code and transfer the money.
This reduces the scope of error that otherwise might occur when giving out a number. QR codes are also flexible and inexpensive. They can also be used by vendors regardless of their size and scope.
Voice-activated payments to increase
In addition to biometric authentication, digital payments will also be witness to a rise in voice-controlled payments. More apps will become integrated with voice-based artificial intelligence (AI) and pave the way to develop voice-enabled payment mechanisms.
Voice-based mechanisms can also be used as suitable authenticators for enabling any ongoing payments.
A rise in payments without friction and hurdle
To have a seamless experience in payment indicates having a smooth checkout process for any consumer. This involves having short check-out lines at stores, the presence of self-check-out options reducing contact, auto-renew subscriptions, one-click payments, and the like.
A rise in dependency on cloud services
Organizations will be integrating more and more of their digital wallets with cloud technology as this tech can help solve late payments. With late payments being one of the most monumental problems businesses face, such an issue can be mitigated and resolved thanks to a network of remote servers.