The top three most common digital wallet trends in 2020

May 24, 2021By Rakshit Patel

For more than 3000 years of human history, money has been an integral part of all of our lives. From the barter system to Bitcoin, the idea of money has experienced considerable change during this time span. We’ve seen a lot, from exchanging goods and services to developing the idea of fiat currency and then moving on to crypto currency.

Money can now be found in both physical and digital forms. In this technological era, the latter is more prevalent. Many of our problems have been solved by digital money, which has paved the way for the development of various payment methods and innovations to make our payment experience even more convenient. One such approach is the use of a digital wallet.

Due to their ease of use and convenience, digital wallets have been one of the most common forms of payment in the last five years. It’s also true that by 2020, digital wallet apps will be used for more than just storing money. In reality, they’ve evolved into far more than a simple wallet app.

Every year, new innovations are implemented into wallet apps, making them more sophisticated.And the year 2020 will be no exception. We will see a huge increase in the use of wallet apps this year.If you’re an entrepreneur looking to create a digital payment app, you should be aware of the patterns that will be dominant in 2020. So let’s take a look at the top five digital wallet patterns that will rule in 2020.

Smart speaker payments

Smart speakers and home assistants have grown in popularity over the years. It helps customers to communicate with them. Customers may also issue commands and receive responses through speech. They can issue commands for a variety of tasks, such as checking the weather, booking an Uber, or learning more about a nearby restaurant. Google, Amazon, and Apple are all competing in the smart speaker market. Amazon was the first to take the initiative, releasing the first smart speaker in 2014.

Google, on the other hand, entered the race in 2016 with Google Home. In 2017, Apple was the last company to release a smart speaker. Home automation has become more common in recent years, which has aided the development of smart speakers. Smart speakers have now evolved into a versatile means of controlling home automation.

According to Statista, 82 percent of people used voice assistants to seek information in November 2017. In contrast, 35% of users purchased groceries, personal care items, and clothes.In the last few years, home automation has become more popular, paving the way for smart speakers. Smart speakers have now evolved into a practical means of controlling home automation.

As of November 2017, 82 percent of people used voice assistants to find details, according to Statista. In contrast, 35% of users purchased groceries, personal care products, and clothes. Voice assistants were used by 28% of users to make direct payments and transfer money. Similarly, 34% of users placed orders for meals, and 28% reserved an Uber or other taxi service.

Due to security issues, the number of users who use smart speakers to make purchases is lower than those who use them to search information. TNS reported this in a press release, stating that 74 percent of users were concerned about the security of payments made via voice assistant, and that they may avoid making payments as a result.

However, it is also true that voice assistant and smart speaker technologies will improve over time, making them more reliable and convenient. And it’s for this purpose that companies like Google, Amazon, and Apple are putting significant resources into developing innovative smart speaker solutions.

Sound waves-based payments

Sound waves technology is a relatively modern technology that is compatible with the majority of smart phones. Transactions are handled using this technology without the need for an active internet connection. Many digital wallet solutions are attempting to take advantage of this technology because of its simplicity and convenience.

The transactions in this form of digital wallet system are processed by sound waves that carry the encrypted data. sound waves are produced by a terminal that transmits data to a mobile phone. The phone transforms the data into an analogue signal at this stage, and the transaction is complete.

As previously mentioned, sound wave technology is in high demand for a variety of reasons. In contrast to NFC, which relies on built-in hardware, sound waves only need a simple software installation. Furthermore, no additional hardware is needed. Both of these factors contribute to the technology’s simplicity, effectiveness, and, most significantly, cost-effectiveness.

Crypto currency wallets

Over 40 million cryptocurrency wallets have been developed to date, which is incredible. Despite the market’s ups and downs, the number of cryptocurrency wallet users has increased dramatically. This upward trend has persisted for the past two and a half years. Furthermore, it has become steeper in the last year.

According to Statista, which collected quarterly data from Q1 2016 to Q1 2019, the total number of cryptocurrency wallet users has risen from 6.7 million in Q1 2016 to over 34.6 million in the first quarter of 2019.According to Blockchain.com, there are 40,519,048 cryptocurrency wallet users as of July 17th, 2019. In April 2012, the figure was a pitiful 5,800.

Despite all of the challenges, the discrepancy between the two numbers tells the tale of cryptocurrency wallet’s exponential development over time. A digital wallet solution is estimated to be used by more than 2.1 billion people around the world. With the digital wallet market the year after year, as well as the fast internet services provided by 5G networks, we may see a slew of new players enter the market and incorporate a variety of technologies to create cryptocurrency wallets.

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Rakshit Patel

Author ImageI am the Founder of Crest Infotech With over 15 years’ experience in web design, web development, mobile apps development and content marketing. I ensure that we deliver quality website to you which is optimized to improve your business, sales and profits. We create websites that rank at the top of Google and can be easily updated by you.