Home > Digital Wallets Gain Payments Market Share

Digital Wallets Gain Payments Market Share, Business and Industry Trends Analysis

Many consumers don’t write paper checks at all, thanks to modern payment technologies, and many others never use a physical credit card. For these consumers, the advent of the digital wallet makes payments faster, more convenient and paperless. Many people are switching all or part of their payment processes to their smartphone apps and related online tools.

The digital wallet is a type of smartphone app/online account that enables consumers to a) make payments at cash registers or online, b) securely store all needed bank account, debit card and credit card information and c) communicate wirelessly with cash registers/point-of-sale systems in stores. Most wallets also enable peer-to-peer (P2P) payments directly to the accounts of personal friends or family members.

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