At present, digital wallets (especially wallets) have had great popularity due to the rise of cryptocurrencies and the growing increase in transactions with this means of payment that has gone from being something only to the most up-to-date people in terms of technology to become a common theme. Next, we will mention some trends regarding digital wallets that are expected by 2020:
Multi-devices when making payments
According to a study conducted by a group of university students for the III International Congress on Learning, Innovation and Competitiveness. CINAIC 2015, users use multiple devices throughout the day, today many smart objects are already incorporated into the daily life of users, that is, they can no longer only connect to the Internet through a cell phone or a computer desktop / laptop, but there are other devices with Internet access such as tablets, smart TVs (Smart TV), sound equipment, video game consoles, smart watches and even home attendants. The trend is that all these devices begin to allow access to digital wallets and make instant payments through them, as mentioned by the study carried out by the website itrends.es.
A greater boom in the use of digital wallets
As we mentioned in the previous article entitled 5 disadvantages of traditional banking compared to cryptocurrencies, digital wallets allow users to manage their currencies without having to have physical bills or coins in addition to allowing them to perform faster, more efficient online transactions and transparent compared to traditional banking.
According to the study carried out by the technology analysis firm IDC Latin America, the use of wallets has been increasing since the preference of the users for these digital payment methods and also of the mobile applications to perform all their banking operations and financial, so it is expected that its use will continue to spread globally. This same study revealed that most businesses are already prepared to work with wallets and receive digital payments.
Incorporation of digital payments in physical stores
More and more physical stores accept certain cryptocurrency as a means of payment, and as users use new tools and adopt new behaviors influenced by technological innovations, stores diversify their digital payment methods to keep the forefront and give users more ease.
It is for that same reason that Mercury Cash, in order to always provide innovative and cutting-edge solutions to its users, has developed its own digital payment platform that we wanted to call Mercury Gate. It is not available yet, but its official launch is expected later this year. With this device users can make payments in cryptocurrencies, simply with the use of their wallets and will be available for any physical or virtual store.
Emergence of new wallets and fintechs
As we mentioned in the previous point, the increasingly common use of cryptocurrencies as a means of payment will necessitate the creation of new financial technology companies (fintech) that respond to all those users who need options to save and operate their cryptocurrencies , this will cause competition in this area to increase, which will mean a greater benefit for the end user, since it will have a higher quality service and more options to choose from.
What do you think about this topic? What other trends about digital wallets do you think will occur in 2020?
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