The digital wallet market is developing at a mind-wrecking speed, with the global value of digital wallet transactions exceeding $7.5 trillion in 2022. The global market of digital wallets stood at $53.5 billion at that moment, and these figures are quickly rising from year to year.
Coupled with a CAGR of 15%, the mobile wallet market is doomed to grow, and you, as an entrepreneur, can embrace this trend to your advantage. But to succeed, you need to be proactive in this dynamic business niche. Thus, it’s vital to build solutions oriented towards the future to avoid being too reactive and slow.
What future trends are expected to shape the digital wallet market in the coming years? Here is an expert review of the RNDpoint team.
- Blockchain integration. The blockchain technology is revolutionizing every aspect of digital operations. It offers unique benefits of transparency, immunity to fraud and manipulation, and advanced cybersecurity vital to the digital banking sector. Therefore, as the regulatory environment around crypto is gradually settling down, we can expect closer collaboration between traditional and crypto wallet solutions.
- AI/ML introduction. Artificial intelligence serves many goals in the banking industry. It aids in big data processing and the automation of numerous financial procedures. It can analyze user conduct and develop personalized offerings and recommendations. Besides, AI is immensely helpful in customer service and user interactions.
- Hyper-personalization. Modern users want personalized service and benefit from modern solutions tailored to their individual financial use patterns and needs. Therefore, the future of mobile wallets is in hyper-personalized interactions, product offerings, and analytics that contribute to a stably high satisfaction level.
- Ease of use. The most problematic areas of digital wallet use are multi-step verification, transaction validation, and log-in protection systems. Many users find these security procedures cumbersome and lengthy, so modern tech providers work on improving usability and providing frictionless yet protected transactions. These goals are achieved with digital IDs and omnichannel verification possibilities that allow verified users to skip the majority of verification processes.
- Super Apps. Another future trend is that of Super Apps — the interconnected financial ecosystems that unify a variety of banking services and third-party integrations in the all-in-one system. By using Super Apps, customers get universal access to plenty of shopping, gaming, finance, and transportation options without the need for separate verification or registration in every service provider’s app.
You can find many more insights into the digital bank market’s current state of development and future prospects by reading our 2023 market report. The RNDpoint team is also ready to provide a feature-rich digital wallet solution to make your transition to the digital finance sector of the future smoother.
