World has been digitized in the true meaning of the word and nothing is there in the world you can point out which is outside the scaffolds of networking and digitalization. Payment methods in the form of digital wallets are no exception. The use of smart phones and the phenomenal growth of interconnectivity between individuals and companies have seen a boom in the last ten years. The phenomenon is engulfing the entire population of the world and there is no turning back. The introduction of networking and digital technology in the e-commerce has brought more than prosperity to the trading profession; it has opened doors for small business owners like never before.
Talking about the role of smart phones in the expansion of e-commerce, between 2014 and 2015, the online sales through mobiles grew by 58% in North America and Europe combined. (Mahindra, 2016) That speak volumes about the growth of such transactions and this statistics is only for one part of the world. E-wallets have liberated people from entering too much information every time they wanted to make payment. With the information secured and entered at a single platform, payment has become more secure and efficient at the same time. (Official Payments, 2017)
Traditional payment methods which comprises of payments through credit and debit cards still are popular in most parts of the world; still online payments are experiencing prodigious growth. From 44 percent of payment market in 2013, the percentage soared to 59 percent in 2017 according to WorldPay estimates. (UniBul’s Money Blog, 2017)
Bank transfers have taken the world by storm as it is not only used by traders around the world but also by online professionals who are working for remote employers. This has made the payment a hassle free task.
According to WorldPay, the value of bank transfer across the globe has gone up from $122 billion in 2012 and expected to touch $245 billion mark in 2017. (UniBul’s Money Blog, 2017) This is an incredible increase and speaks volumes about the evolving e-wallet and online payment mechanisms.
E-wallets have seen the biggest boom since its origination. Mostly their users are digital merchandise and video games consumers as this is easiest way to pay for them. The most prominent E-wallet that is quite (in)famous is PayPal.
Statistically speaking, in 2012 the business volume of e-wallet was $295 billion, 17 percent of payment market which, WorldPay predicts will touch $1,656 billion mark by 2017. (UniBul’s Money Blog, 2017)
It’s another alternative way of payment that people nowadays find easy and convenient to use. For direct billing, all they have to do is provide their phone number at checkout, done! A mobile wallet is the other way of payment done through your mobile.
Again, statistics are phenomenal as mobile payment percentage was 1 percent of payment market in 2012 which is predicted by WorldPay to increase up to 3 percent in 2017.(UniBul’s Money Blog, 2017)
And these are just some of the examples of digital wallets. The evolution of online payment market is breathe taking and people are using this alternative payment method to make their shopping as well as trading experience hassle-free, convenient and secure.
- Comviva, M. (2016, August). The Evolution of Digital and Mobile Wallet. Retrieved April 9, 2017, from Aite: www.paymentscardsandmobile.com
- FAQs. (2017). What is E-Walet? Retrieved April 9, 2017, from Official Payments: www.officialpayments.com
- Blog, U. M. (2017). On the Evolution of E-Commerce and the Rise of E-Wallets. Retrieved April 9, 2017, from UniBul’s Money Blog: blog.unibulmerchantservices.com