As mobile commerce continues to grow, so does the number of consumers using mobile wallets. A mobile wallet is a digital version of a physical wallet that allows users to store, send, and receive money using their mobile devices. With the rise of mobile wallet apps like Apple Pay, Google Pay, Samsung Pay, and PayPal, users have started expecting much more ahead from Mobile wallet app trends.
Mobile wallets are convenient for consumers as they allow them to make purchases without carrying around cash or credit cards. They also provide an extra layer of security as all transactions are processed through a secure server.
The mobile wallet app landscape is constantly changing. One has to go with the prevailing trends in order to remain competitive in the industry. Staying on top of the latest trends can make sure your app is appealing to users. In this blog, we’ve compiled a list of the top 10 mobile wallet app trends to watch out for in 2023. From new payment methods to increased security, these are the trends that will shape the future of mobile wallet apps.
Why such Growing Popularity of Mobile Wallet Apps?
Mobile wallet apps are one of the most popular types of apps in use today.
Here are some of the statistics on Mobile Wallet App usage.
- As per research by Statista, by 2023, the number of mobile payment users will reach 1.31 billion worldwide.
- By 2024, the global mobile payment market is predicted to be estimated at $3 trillion (IMARC, 2020)
- The global mobile payment market was valued at 1449.56 billion in 2020. Between 2021 and 2026, the number of mobile payments will grow with a CAGR of 24.5% and register a $5399.6 billion in value (Mordor Intelligence, 2022).
- As per Digital Virgo, the number of mobile wallets will reach 4.8 billion by 2025 and will account for half of all eCommerce payments.
So, what’s the reason behind this increasing popularity of mobile wallet apps? There are many reasons for the popularity of mobile wallet apps. They offer a convenient way to pay for goods and services, and they can be used to store loyalty cards and other payment information. Additionally, mobile wallet apps often provide rewards and discounts, which can save users money.
Popular global mobile wallet apps like Apple Pay, Android Pay, Samsung Pay, and PayPal offers massive features & benefits to millions of users. For example, Apple Pay allows users to make payments with their iPhones or iPads, while Android Pay works with any Android device. Samsung Pay works with select Samsung devices and offers additional security features. PayPal is a widely accepted form of payment that can be used with any type of device.
No matter which mobile wallet app you use, you can be sure that it will become even more popular in the years to come.
Top Mobile Wallet App Trends that would surely be a Hit in 2023
With the ever-growing popularity of mobile wallets, it is no surprise that there are a number of trends emerging in this space. Here are the top 10 trends to watch out for in the coming year:
1. In-app payments
More and more businesses are starting to offer in-app payments as an option for their customers. This trend is convenient for both businesses and consumers alike – businesses can process payments faster and consumers can make purchases without having to leave the app.
2. Contactless payments via NFC
With the continued rise of NFC technology, we’re seeing more and more contactless payment options becoming available. Users can now make payments by simply holding their phone up to an NFC-enabled terminal – no need for cash or card swiping! This trend is great for those who want to make quick and easy transactions without having to fumble around with cash or cards. NFC can also be used for things like redeeming coupons and loyalty points, opening doors, and much more.
3. Mobile loyalty programs
Many mobile wallet apps now offer loyalty programs, which can give users rewards for using the app frequently. A digital wallet allows customers to easily keep track of their points and rewards and makes redeeming rewards a breeze. This is a great way to encourage customer loyalty and keep users coming back to your app. loyalty programs will be integrated into mobile wallet apps.
4. Digital gift cards
Gift cards are becoming increasingly popular as they offer a convenient way to give someone a present without having to worry about what they might want or need. And with digital gift cards, there’s no need to worry about losing them – they can be stored safely in your mobile wallet app.
5. Biometric Authentication
Biometric authentication will become the norm while using any digital wallet. Security and authentication will continue to be a major focus for mobile wallet developers in the coming year. With the increasing popularity of mobile commerce, there has been a corresponding increase in fraud and identity theft. As a result, many wallet apps are now incorporating additional security measures such as biometric authentication (e.g., fingerprint scanning) and two-factor authentication (e.g., PIN + fingerprint).
Tokenization is a security measure that is becoming increasingly common in mobile wallets. With tokenization, your credit card number is replaced with a secure token that can be used for transactions. This helps to protect your information and reduces the risk of fraud.
7. Increased focus on security
With the growing popularity of mobile wallet apps, there has been an increase in instances of fraud and theft. As a result, many apps are now placing a greater emphasis on security, with features like fingerprint authentication and multi-factor authentication becoming more common.
8. QR Codes
Another trend gaining popularity is the use of QR codes. QR codes can be scanned by smartphones to quickly open a website or an app. Many mobile wallet apps now allow users to scan QR codes to pay for goods and services.
9. Greater integration with other services
Mobile wallet apps are also starting to become more integrated with other services, such as ridesharing apps and food delivery apps. This allows users to pay for these services directly from their mobile wallet, without having to use a separate app or service.
10. Buy Now, Pay Later Gaining Popularity
With the rise in popularity of mobile wallet apps, more and more businesses are offering customers the option to buy now and pay later. This trend is especially popular among customers who are used to instant gratification and prefer not to carry around cash.
There are a few different ways that businesses can offer buy now, pay later options to their customers. The most popular method is through third-party services like Afterpay and Klarna. These companies work with retailers to provide financing for purchases, which the customer then pays back over time in interest-free installments. Other businesses may choose to offer their own in-house financing options, which may come with interest charges.
So, these were the top 10 Mobile Wallet App Trends that would be a hit in the coming years.
Other than the top 10 above, here are a few more advancements you will going to see in the mobile wallet app development world ahead:
- More & more businesses will accept mobile payments.
- Peer-to-peer payments will increase in popularity.
- Augmented reality will be used more often in mobile wallet apps.
- Expanded support for alternative currencies.
- Expansion into new markets
- Wallet providers are constantly innovating to offer new features and functionalities to their users.
Create Safe, Secure & Fast Online Transactions with our fully protected Digital Wallet App Development
As digital transformation continues to grow and shape how consumers interact with businesses, mobile wallet apps are becoming increasingly popular. As more and more consumers adopt mobile wallets, businesses will need to keep up with these latest trends in order to stay ahead of the competition.
Be with the trend and offer more mobile app payment capabilities to your customers by integrating a scalable & feature-loaded mobile wallet app!
QSS Technosoft is a prominent mobile wallet app development company having a decade of expertise in developing scalable digital solutions for a wide array of industries.
Mobile Wallet App Development services we offer
Here are the Mobile Wallet Development Solutions QSS offers:
- Custom mobile wallet/ e-wallet development.
- Implementation of mobile/e-wallet platforms for making payments.
- Integration to 3rd party e-wallet platforms including Apple Pay and Android Pay.
- Bitcoin and BitPay integration to accept and liquidate Bitcoins.
- Integration of NFC, QR code, and MST technology to e-wallet apps & POS terminals.
Need for info? Connect to our Mobile Wallet App Experts for an in-depth free consultation about your project!
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