Nov 17, 2022
4 Digital Wallet Predictions That Will Come Out True in 2022
It isn’t a secret that Digital Wallet adoption is on an all-time high. Globally the rate at which Digital Wallets were being adopted in 2020 was 55%. The same is expected to shoot up to 75% by 2025.
The United States recorded a Digital Wallet adoption rate of 23% this year. The pandemic has further catalyzed contactless payments in millennials worldwide.
Listing down the 4 most important changes that we will witness in 2022 related to digital wallets.
1. Integration with wearable Technology/IoT
Many experiments have already succeeded in this. The scope of innovation in this space is immense. Many brands have a keen eye on how this unfolds.
For e.g., Imagine you are wearing a smart band (Fit Bit). What if you were never required to pick up your smartphone to make a payment.
The same is applicable with your smart car and other smart devices that work independently without latching on to your smartphone.
2. International payments
Top Digital Wallet Companies are exploring collaborations with money exchanges. Many countries worldwide are currently restricting wallet payments overseas.
However effective integration with the most popular money exchanges like Weston Union, PayPal, etc. is expected to offer seamless international payments worldwide.
This strategic integration between your digital wallet app and money exchanges worldwide can be a huge step towards a better consumer experience.
Many working professionals worldwide make transfers to their families in their home country. If this can happen at the ease of a wallet in the future people might schedule transfer funds at the time the conversion rate is good.
3. Multi-Currency Wallets
Best digital wallet companies around the globe are working to allow multi-currency payments.
This is yet another exciting feature that can help many businesses, individuals, freelancers, etc. who work in global teams.
For e.g., Suppose you are a fintech founder having global teams in USA, India, and China. Suppose you have a multi-currency wallet in the future. Your wallet can make and accept payments in USD, INR, and Chinese Renminbi.
Now you receive an international payment from India. You can remit the amount in INR to your employee as his salary. This way you don’t pay conversion charges.
Interesting. Isn’t it?
4. Crypto Currency Integrations
Rumors are doing the rounds that many companies are trying to integrate blockchain technology to enable seamless payments through cryptocurrencies.
To conclude, the world is soon becoming a unified global economy. Fintech companies around the globe are making applications that help their users make seamless payments around the globe.
The integration of your wallet with crypto giants, wearable technologies, and money exchange will be a great fintech game change to look out for in 2022.
Since Fintech is now becoming a rather cluttered space with many giants like Google Pay and fresh start-ups giving cutthroat competition to its peer's consumer experience will be the key to success for Fintech businesses in 2022.
The world is looking up to fintech innovation that empowers digital wallets to be the only mode of sending and receiving payments.
Did I miss a feature you want in your digital wallet? Write us back in the comments. We will cover it up in our upcoming posts.