On the Way to Cashless Future: Key Digital Wallet Trends - Let's take a deep look into it!

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What Lies Beyond the
Cashless: 5 Digital Wallet
Trends for 2023

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2
Top Digital Wallet Trends to Bet On for 2023
• Buy Now, Pay Later Gaining Popularity
• The Emphasis on Smart Speaker Payments
• Social Shopping
• Biometric Authentication
• Cryptocurrency Wallets

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What Lies Beyond the Cashless: 5 Digital Wallet Trends
for 2023
3
The concept of payments has witnessed a tremendous
transformation since the late 1990s when innovative payment
methods began to appear. Cashless payments have evolved
from cards to digital wallet solutions to fiat currency to
cryptocurrency with each up-gradation in financial technology.
Digital currency has become more prominent than its physical
form since the inception of e-wallet platforms that laid out
solutions for the problems of cash and made payment
experiences more convenient. The mobile wallet market value is
projected to expand from $220 billion in 2021 to $970 billion in
2030.
This massive growth will be backed by telecom e-wallet solutions, banks, fintech companies, digital-only solutions, Near
Field Communication (NFC), and other advanced payment technologies. The increasing demand for Central Bank Digital
Currency (CBDC) and cashless, cardless, secure payments has led to innovations in digital wallets in recent years. Let’s see
some top digital wallet trends that will dominate the financial services industry in 2023.

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Buy Now, Pay Later Gaining Popularity
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Buy now, pay later (BNPL) services have recently become wildly popular
because they provide higher accessibility to shoppers and boost AOV
(Average Order Value) for merchants. Customers can use BNPL to make
big-ticket purchases without endangering their monthly budget and
raising credit card debt.
Businesses and retailers can offer this POS (Point-Of-Sale) financing
option to empower shoppers with greater purchasing power for the
goods that they want the same day during uncertain financial times. The
customer-centric approach leads the current fintech ecosystem to
rethink the lending landscape.
Younger e-commerce customers prefer the BNPL option in their digital
wallet solutions since it allows interest-free, extra-flexible, and
installment payment options. In addition, merchants can gain a
competitive advantage in their market with improved brand loyalty and
customer acquisition.

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The Emphasis on Smart Speaker Payments
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Smart speakers or home assistants have seen considerable growth
over the years. It allows users to speak with them, give commands,
and complete tasks, such as booking a cab, ordering food, and
playing a TV show. Users are increasingly getting used to the utmost
convenience of making direct payments through voice assistance for
frequently used services and goods, like groceries, home care
products, and commutes.
Currently, the number of users making payments using smart
speakers is less because of security concerns, but it is likely to
become more secure with time. Smart speakers also facilitate IoT
payments requiring buyers to authorize a payment plan based on
sensors and automatic data sources. For example, telecom e-wallet
solutions allow users to renew subscriptions through smart speaker
commands.

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Social Shopping
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Smartphone users spend a significant part of their day scrolling
social media applications. It makes an excellent opportunity for
brands to snag more sales. Social shopping is an alternative to e-
commerce websites for accessing product descriptions and reviews
on social media. Digital wallets play a crucial role in providing
payment gateways and methods for social shopping.
Merchants can strengthen their social media marketing game to
speed up conversion rates. Users can easily access brands, preferred
payment methods, and customer service while casually navigating
through social media.

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Biometric Authentication
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Using ATM-like tangible systems will probably become a norm
shortly. The number of transactions via digital wallet solutions has
gone through the roof. As a result, many fintech start-ups, banks,
and key e-wallet platforms are considering employing biometric
authentication for every payment and money transfer.
Digital wallets can leverage biometric authentication to enhance
security by preventing unauthorized access to cards, e-wallets, bank
accounts, and other confidential information. The company would
store the encrypted code that describes collected biometrics, like
face, fingerprint, palm print, or retina. Digital wallets can use
decentralized identity applications to store and share these data
points when needed.

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Cryptocurrency Wallets
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Currently, tens of millions of people use cryptocurrency wallets
created on blockchains. The past couple of years have observed a
steep rise in crypto wallet users despite the ups and downs in the
market. This user spike can be attributed to record profits, minimal
transaction fees, and top-notch security.
Cryptocurrency payments involve only a small network cost, since
no third party is required. The transaction through a cryptocurrency
wallet doesn’t involve real coins. Instead, it’s signified by the
transaction record on the blockchain and the following change in
the wallet balance. Besides, digital currency will probably get
recognized as legitimate by major governmental bodies and central
banks across the globe in the upcoming years.

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Stay Relevant in This Fast-changing Digital
Financial Ecosystem
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The introduction of path-breaking and innovative financial
technology in this era of a cashless economy has led to a dramatic
shift in consumer expectations and the functioning of financial
transactions. Digital wallet solutions have quickly gained wide
acceptance among industries and markets as the most preferred
way for enterprises to retain customers. E-wallets have come a long
way, but undoubtedly, they will continue to dominate the market
with their more secure, productive, and convenient versions over the
upcoming years.
Panamax’s MobiFin Mobile Wallet Solution leverages the latest
technologies to help you create your customized digital ecosystem
and launch a mobile wallet tightly linked to your core system.

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