Three industries that have leveraged the use of digital wallets

The 21st century has witnessed the evolution of mobile wallets, but more specifically, the digital age has seen significant advancements in the way people manage and spend money. It has therefore become increasingly popular for most users to download their wallets from the app store rather than go to their local department store to pick one up. As a result, not only is the use of e-wallets expanding its services globally but it has become one of the fastest growing technological advancements in the world.

What is a digital wallet? 

The primary use of a digital wallet is for electronic transactions. It is a payment system that provides a more convenient way to pay online via options such as Visa and Mastercard. According to NFCW, 34% (just over a third) of UK consumers now have a digital wallet. This is because unlike the traditional form of online payment, mobile wallets don't often require re-entering your card details for every transaction. Therefore, with the use of a digital wallet, all information is already stored and is made more secure. Hence, it is unsurprising that many industries have implemented the use of digital wallets. 

E-commerce 

Dominating the e-commerce financial landscape, digital wallets have become one of the most popular payment methods among shoppers. In 2021, it is said that 25% of UK e-commerce money transactions were carried out via digital wallets, this is expected to grow by 18.9% year-over-year by 2028, according to PaymentsJournal. 

This is because it is more convenient for online shoppers to pay with their e-wallets especially as they have their mobile phones within reach and easily accessible. Another benefit is increased data security. The implementation of authentication features not only reduces concerns about exposing data to retailers but also limits fraudulent activity. Consequently, the use of digital wallets is becoming the mainstream form of payment within e-commerce as many consumers prefer it over credit cards. 

Gaming 

When it comes to gaming, one of the main advantages of having a digital wallet is that it is a single payment source for players as it integrates cards, cash and other forms of transactions. Not only is it convenient and secure but it provides players with a seamless gaming experience. As a result, it has gradually become one of the most preferred payment methods for millions of gamers globally. 

Major gaming establishments, especially within the casino industry, have increasingly implemented the use of mobile wallets by enhancing their payment offerings. For instance, online casino sites such as Buzz Bingo offer options from PayPal to Apple Pay, allowing players to choose how they prefer to deposit money into their digital wallet. Therefore, not only do gamers leverage lower transaction fees compared to traditional costly ATM charges but it also means that they have easy access to some of the best online games the UK has to offer. In fact, Buzz Bingo players have over 1,000 slot games to choose from with hundreds of themes. This means gamers can enjoy old favourites such as Rainbow Riches or massive jackpot games like Aztec Spins and Reel King Mega. 

Banking 

Mobile wallets have become an integral part of the way we pay and transfer money. This is because whatever a traditional wallet accommodates such as boarding passes to train tickets, e-wallets can also do the same and more efficiently. With the acceleration towards cashless payments, it is no surprise that banking systems have begun to adopt and integrate the use of digital wallets.

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Driven by the demand for convenience, customisation and automation, customers can manage all their financial matters in one place. This has ultimately increased the need for contactless money management. What’s more, it is highly secure as users need to confirm their identity through fingerprint, face recognition or some other form of authentication. 

Overall, it has become increasingly evident over the years that there is a growth of digital wallets within various industries, from e-commerce to financial banking. This poses a lot of benefits such as convenience and enhanced security. But with technology continually advancing every day it will be interesting to see what the future of mobile wallets holds. 

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