![]() Image Credit: Prominent Mobile Payments Methods e-wallets are getting adequate attention from both entrepreneurs and innovators, due to their enormous potential.The covid-19 pandemic and social distancing have boosted the demand for e-wallet-based digital payment services.Almost 66% of Americans prefer e-wallets to make financial transactions.By 2023, the global e-wallet transaction industry is projected to be worth $2.1 trillion.As per Allied Market Research, the global market for e-wallets could reach $7.58 trillion by 2027.e-wallet will enjoy a phenomenal CAGR of 28.2% in a couple of years. ![]() ![]() Let’s explore some stats to support this trend: in the use of digital payment applications that facilitate touchless transactions. The e-wallet market has seen a mercurial rise due to the increasing use of digital and touchless transactions. Market Size and Statistics of E-Wallet Mobile AppĮven the statistics vouch for the significance and prominence of e-Wallet mobile applications, as research shows that a third of consumers in the UK are currently using their NFC-enabled mobile device to make contactless payments in stores. These days all of us are witnessing the extreme usage and importance of mobile phones in our lives, and thus to take advantage of this fact and to add to the convenience of the customers, several ways have been developed to enable them to make easy payments via their phone. So, what are mobile payments exactly? Well, mobile payments refer to any payment that is made by the use of a mobile device. How much does the E-Wallet mobile app development cost?.The Selection of the App Development Partner is Vital.General Features of E-Wallet Mobile App Development.Usage of Mobile Wallets for Multiple Purposes.Market Size and Statistics of E-Wallet Mobile App.This is why people have wholeheartedly embraced this concept of e-Wallet mobile apps and businesses have also come forth with their own customized and robust financial solutions. This way, e-Wallet mobile apps have been a boon of sorts for people, as it saves them from many unpleasant experiences, like standing in long queues for paying bills, making payments at the cash counters, depositing cash, or making a transfer. In the case of e-Wallet mobile applications, it offers a safer ecosystem to make payments and at the same time, they are fast & reliable. This way, they are also not required to deal with the hassle of carrying a big amount of cash with them, which is not a good idea, from a safety point of view as well. It goes without saying that people absolutely love this idea of digital payments via e-Wallet mobile apps or payment gateway models to carry out their day-to-day transactions. So yes, e-wallet app development is going to be our area of discussion in this blog. However, today the scenario is the exact opposite as nowadays there are myriad modes of cashless transactions available, in the form of Credit Cards/Debit Cards/PayPal, Braintree, and not to forget the e-Wallets, and m-wallets, that have paved the way for mobile payments. There was a time when the only type of transaction people was aware of used to be cash transactions, with the rest being nowhere in the vicinity.
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