Mobile Payments and the Tap and Go Economy
Mobile Payments and the Tap and Go Economy of Digital Wallets
Nowadays businesses across the world continue to be driven by technology to come up with new ideas and create more digital experiences for their customers. When you combine that with the Coronavirus which has had a significant impact on the way people shop and pay for the things they buy, one can say that the stage is set for digital payments to become even bigger.
With the with the social distancing rules in effect worldwide more and more people are starting to get accustomed to contactless payments as well as digital wallets as a way to manage their money.
Both have seen an explosive growth in the last few years. According to data gathered by MarketsandMarkets the global digital payments market is expected to continue its growth over the following years and reach $6.7 trillion in value by 2023. For comparison, in 2017, the global digital payments market was valued at $3.1 trillion, according to figures pulled from market and consumer data provider Statista. This value has increased by more than 50% in the last three years to reach $4.7 trillion earlier this year.
Contactless transactions and digital wallets seem to have the potential to completely displace physical currency and become the primary modes of payment for consumers worldwide and it looks like this hasn’t been lost on global tech players who have been rolling out their own digital wallets and ways for people to transact with each other. Earlier this week for example Google announced a completely revamped Google Pay app through which they will now offer debit and credit cards via partnerships with certain banks.
If these numbers are big enough to convince even giants such as Google that digital contactless payments and wallets are here to stay and are not just a fad, they should be able to convince you too to pivot your company’s strategy to meet these new client demands.
The rise of digital wallets presents an opportunity for businesses everywhere to implement an innovation and jump ahead of the competition. With digital commerce being a leading revenue stream in the market, businesses also have to make sure that they continue to deliver above and beyond shopping experience to their customers. Increasing customer satisfaction through digital wallets means many things such as higher level of security and of course user experience which combines the best of both worlds – customers want speed, usability, flexibility and functionality. And of course, through this all customers still expect to get receive exclusive care and attention should something go wrong.
This fact also hasn’t escaped the bright minds of people who continue to enhance the technology which continues to bring the shopping experience to higher levels via augmented and virtual reality. For example, Alipay now allows customers the option to complete a purchase with just the movement of their eyes. At the same time there is Payscout, a merchant payment processor who has their Payscout VR Commerce App. The app offers a built in Visa Checkout option. They also offer a VR headset that allows customers to get a 360 degree view of the items they are purchasing.
If not easier, people’s shopping experience is at least becoming a little bit more exciting and extraordinaire.
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