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.