Top 5 Trends in Digital Wallets for 2022 and Beyond

Trends in digital wallets are gaining momentum for 2022 to dominate the financial sector

Digital wallet or e-wallet is a software-based system that safely stores user's payment information and passwords for various payment methods and websites. Digital wallets can be used in conjunction with mobile payment systems, which allow customers to pay for all kinds of purchases using their smart phones. There are crypto digital wallets too, which can store keys to access various cryptocurrencies. Digital wallets are easy to use and maintain. They are very simple to download and use from the app store and add payment types and few documents that need information for safety purposes. Most of the digital wallets use the help of technology called Near Field Communications or NFC to integrate with cashier via mobile apps and e-commerce sites. Digital wallets such as Google Pay, Coinbase, Venmo, Apple Pay, Paytm, and Samsung Pay are most popularly known e-wallets. There are many advantages of digital wallets such as improved comfort, time-saving, better expenses tracking, enhanced security, special rewards, security and lower cost. 

Upcoming digital wallet trends:

• Biometric authentication: Biometrics authentication involves fingerprint scanning, facial recognition, heartbeat analysis, etc. This can increase safer tractions.

• Increase in QR codes: Payments done using QR codes will increase making the transactions easier and error free

• Voice-activated payments to increase: The number of voice-activated payments will rise with integrating with phone's AI for better authentication facilities

• More dependency on cloud: Scope of more companies to adopt e-wallets is more for its cloud technology which can solve late payments

• AI and Machine learning to prevent frauds: The digital payments integrated with artificial intelligence and machine learning software can prevent better tracking of frauds