Carta Worldwide Team

Digital Wallets: How Covid-19 changed the way people shop

According to market research in 2021, 43.2% of smartphone owners used mobile payments, with that number projected to reach over 50% by 2025. Part of this rise in popularity is organic growth that correlates with technological advancement and a convenient way to make payments, whilst the rest is due to the COVID-19 pandemic.

It altered spending habits globally, with digital wallets, digital bank cards and mobile banks creating a solution.

Shopping made convenient

Consumers were leisurely able to make transactions and spend their money in the comfort of their own homes. However, when customers could shop in-store once again, digital wallets remained a go-to way to pay with contactless payments. Using only an electronic device, customers could still access what they needed to.

Peer-to-Peer Payments

Sending money to family and friends becomes simple and stress-free with the right digital wallet. Customers can pay for goods and services on particular platforms such as PayPal and Venmo as it’s safe and secure.

Security Guaranteed

A digital wallet stores details behind an encrypted field to give users a high level of security with every transaction. Customers can pay for products and feel safe in the knowledge that their sensitive information is kept away from harm.

No Barriers with a Digital Wallet

As they exist virtually, a digital wallet doesn’t have any boundaries. In the current market, not just during the pandemic, this has become a higher priority for customers as they pay family and friends worldwide.

Blockchain Integration

As blockchain increases in popularity, digital wallets are required to provide a service that allows users to integrate their profiles into one, easy-to-use platform. This also acts as a protection against fraud and data theft.

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Carta Worldwide

The Carta Worldwide team has over 100 years of payment experience advising both established businesses and disruptors. Going beyond bits and bytes, Carta Worldwide’s team supports everything from accelerating time to market to working towards sustainable disruption strategies, ensuring its clients are set for success.