Oct 14, 2020
As cash payments dwindle, the growing demand for digital wallet technology, or rather, eWallet technology, rises. Mobile payments are on the rise, with pre-coronavirus projections estimating more than 1 billion users in 2020. Consumers and businesses alike have come around to the notion they no longer need cash or physical credit cards to conduct transactions.
By 2018, 29% of online merchants accepted mobile wallet payments. Estimates place digital wallet use at 1.31 billion by 2023 and it is on its way to surpassing the use of credit cards and cash.
As the world navigates the COVID-19 pandemic, the concept of a cashless society no longer seems so foreign.
What is a cashless society? This means that alternative forms of payments, such as credit cards, contactless payments, or cryptocurrencies will completely replace the once sole method of transacting – cash.
Countries around the world are embracing cashless payment systems. Sweden, China, Japan and the United Kingdom are among the top countries that have been early adopters, embracing cashless payments. According to data from the Sweden central bank, the Riksbank, in 2018 an astounding 85% of the country were reported to have access to online banking with a mere 2% of transaction being cash.
Australia is not far behind as the Australian Reserve Bank’s 2019 Consumer Payments Survey reported that since 2007, there has been a decrease in cash payments by over 40%. As of yet, there are no truly cashless societies, but some experts speculate that it could be as early as 2022.
Whilst the thought of a cashless society provokes controversy among some, it offers opportunity among others.
With the right thinking, businesses can harness eWallet technology and reap the many rewards it has to offer.
The first step is understanding what capabilities come with an eWallet. At the bare minimum, they are exactly what their name implies. A digitised version of your wallet, capable of storing versions of credit and debit cards within an app on a smartphone.
As new innovative technology surfaces, so do the possibilities of the digital wallet. EonX’s proprietary eWallet solution is a white-labelled digital wallet that allows businesses to bridge the gap between brand loyalty and seamless transacting capabilities. It is embedded across all of our loyalty, engagement and payment platforms and is the user facing tool enabling users to instantly connect with rewards, manage their personal profile and better engage with organisations.
This technology can be harnessed to extend a brands ecosystem, providing their members, customers or employees with many benefits that are outlined below:
EonX’s eWallet is embedded across all of its bespoke loyalty, engagement, and payment platforms. Users can instantly connect whilst remaining within one interconnected ecosystem.
Our all-in-one solution allows transactions to be streamlined within the user’s eWallet. Not only does this improve user experience, but it also enhances security by providing access to an encrypted and secure payment method.
eWallet provides transparency for consumers, allowing them to easily keep track of all transactions.
Cross-border payments and online purchases with international brands are easy and convenient with eWallet, providing seamless access to global transactions. It can be used for in-store and online processing and accommodates a range of settlement currencies.
eWallet can be used to carry all necessary cards, whilst within one digital location. This prevents clutter and reduces the number of cards that are carried in physical wallets, as well as provides instant convenience and better security.
EonX’s eWallet is integrated across every aspect of a consumer’s life, allowing businesses to stay top of mind. Adopting this technology is a necessity for businesses that wish to rise above their competitors and keep their customers, members, and employees ‘sticky’ to their brand
Contact EonX today to create your own secure digital wallet experience.
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