Do you want to develop an eWallet application like PayPal or Venmo? With a market field with n number of digital wallets, if you want to create a successful solution that stands above the rest, consider embedding it with trends.
You see, trends are growth drivers and innovation-inspiring. Therefore, if you want the app to generate revenue while also delivering value to the user, this is important. And this gives rise to the question, “What are digital wallet trends in 2024?”
In case you want to utilize fintech app development services, and get a trendy digital wallet for your user then this blog is for you. Here, you will learn about digital wallet applications, their working, as well as top trends in the market right now. In this blog, we shall be addressing all of your questions.
Therefore, with this being said, let’s get right into it:
What Is a Digital Wallet?
Digital wallets refer to mobile apps or web applications that enable users to send money peer-to-peer via an in-app wallet or using a bank account.
This is the basic functionality of digital wallets. Apart from this, there are other functionalities such as mobile research, bill payment, credit card bill payment, international transfer, and so on.
Now, there are various forms of digital wallet app development, meaning different apps have different specifications.
Moving on, let’s see, how these digital wallets work.
How Digital Wallets Work?
So, how does a digital wallet application work? Well, apart from the online transfer using the in-app wallet or bank account, there are some other technologies at work.
Especially recently, eWallets applications have started using techs like NFC and MST. Let’s discuss them below.
1. Near Field Communication, or NFC
NFC payment apps have become all the rage in recent times. The term stands for near-field communication which allows two devices in close proximity to communicate with each other via encrypted data.
This is a popular method to make payments that are being adopted rapidly within eWallet applications across the globe.
2. Magnetic Secure Transmission, or MST
Have you ever used a credit or debit card? If you have, you should have noticed the black strip at the back of the card. That strip holds data related to the card and enables it to communicate with other platforms.
Magnetic secure transmission is a similar technology that is activated via a mobile device. This is one of the most secure payment types in mobile wallets.
3. QR codes
Here we have the eWallet QR code.
If you have ever used a digital wallet solution, there are high chance you already know what these are. For those who don’t, a QR code is a machine-generated code made up of white and black squares.
Upon scanning these codes, eWallet apps can communicate with the receiving party, making digital payments possible.
The Digital Renaissance of Digital Wallet
One final thing, before we look at digital wallet trends, market statistics.
To better understand the trends themselves as well as the ever-growing industry, statistics are a great help.
Therefore, with this being said, let’s get right into it, starting with:
- The market size of eWallet solutions will reach from $10.88 billion in 2023 to $35.63 billion by 2028.
- As of the last report, there are more than 2.8 Billion mobile wallet solutions across the world. The majority of these are used in the Asian-Pacific region.
- Popular eWallet apps include Venmo, Google Pay, Samsung Wallet, Cash App, Apple Pay, and so on.
Now, if you want a chunk of this $10.88 billion industry and stand out from the other 2.8 million eWallets, here are some popular trends to rely on.
Trends of Digital Wallets In 2024
There are various types of eWallets trends. And in this section of the blog, we shall be discussing these various digital wallet trends.
So, with this being said, let’s get right into it, starting with:
Cryptocurrency has become a big fintech solution already, with currencies like Bitcoins and Ethereum generating billions in the market.
Now, crypto wallets are a solution that enables the user to trade, transfer, buy, or sell cryptocurrencies.
This has become a core part of every digital wallet app development service.
Digital wallet biometric authentication works like this: the eWallet application will take advantage of the device’s built-in biometric scanners.
This covers fingerprint scanner, iris scanner, and facial scanner. These can be used for authentication, adding another layer of security to the platform.
EWallets or digital wallets have been on the path to replace traditional ones for a long time and with this eWallet trend, they finally have.
Now, you no longer need to carry a physical card with you, whether it is a credit card or debit card. With technologies like NFC and MST, mobile phones can communicate with other devices to make payment possible.
Have you ever heard of BNPL digital payment?
BNPL stands for buy now pay later, where users can take advantage of cash advances like soft loans to buy items on the eCommerce platform. And the payment for these platforms can be made after a definite time without any extra charges.
This is one of the most popular trends that has led to an increase in the overall popularity of digital wallets.
Contactless payments via NFC
Just like we discussed NFC functionality enables contactless payment, the condition being the device is integrated with the technology.
Well, in recent times, this functionality has been added to digital wallet apps like PayPal. In fact, this is one of the key technologies that make the whole virtual card concept possible.
Blockchain integration has far more applications than just enabling cryptocurrency transactions. A key one is added security.
For those who are new to the concept, blockchain is a digital ledger that keeps data secure. The reason is that once the data is fed to the block, it cannot be changed or tampered with.
It is one of the leading digital wallet future trends.
So, these are digital wallet trends that are creating havoc in the fintech market. Now, if you are someone who wants to make an app encompassing all these trends, it’s recommended that you contact an eWallet app development company. They will be able to help you create the next best platform in the market.