In the last decades, our payment habits evolved constantly. From credit cards to digital wallets, consumers have always been affected most by improved technology’s blessings. Following globalization, people began to look for the most convenient method of payment to sustain the international economy in these chaotic days of the world. More flexible, affordable, and easier to create an account. This is the point where mobile wallets stepped into the emerging market of online payments.
What is a Digital Wallet?
Briefly, it is possible to define digital wallet (aka e-wallet) as an online financial software-based system in which users store their assets, operate transactions, and follow their fund movements via mobile application. These applications can be easily downloaded and installed through operating systems’ stores. Moreover, they keep your personal and financial data much more unassailable than any bank can do. Digital wallets’ security gates are almost imperishable due to their 2FA codes and OTP (One-Time-Password).
In contrast with opening a bank account in a traditional bank branch, concluding a digital wallet registration is pretty straightforward. You do not need to stand in the queue with a bunch of printed documentaries under your arm in a suffocating waiting room. Simply visit the official website of the e-wallet and follow the steps to sign in. In many cases, it will take less than a couple of minutes. Then, you may need to send a photo of a valid document, such as an ID or a passport, to verify you are the person you claim to be. That’s all!
Nonetheless, let’s say you are a mastiha shop owner in a small village of Chios island, and you have these fantastic hand-made products like hand creams, cookies, and anti-aging serums. You may be a little store in the corner. Still, thanks to the miracles of the Internet, it is a downhill process to construct an authentic eCommerce website listing your products and enabling international orders.
Now the big question pops up; how will you operate the online payments on your shopping site? Debit or credit cards? Bank wire transfers? You are not limited to these old-style payments! Well, to be frank, conventional banks can rip you off with transaction fees and exchange rates. But the good news is digital wallets do not!
The majority of these practical e-wallets come with numerous fiat currencies and even unique decentralized assets, cryptocurrencies. Therefore, you can receive eclectic currencies and store them as long as you like. So, you can trade with suppliers or companies overseas to boost your business more and more. Plus, international money transfers in digital wallets will cost nothing or a tiny percentage compared to bank systems.
The Top Countries for Digital Wallet Use
All in all, digital wallets are a sine qua non in the current modern payment system. Whether you are a natural product supplier in a small Greek village, a prestigious winery in Toscana or a Yoga teacher in Nepal giving lessons through Zoom, placing digital wallets among your gateway payment methods will ease your path significantly.
Considering the generous benefits of digital wallets, it is not unforeseen that the global digital wallet market volume has grown at a CAGR of 23.40% and is estimated to reach approximately 7.42 billion USD by the end of 2022. In contrast, multiple futurist analysts’ project revenue forecast for 2030 is 52.3 Billion USD.
To shape a more exhaustive perspective for our readers, we have made a list of the top countries embracing digital wallets quicker than others according to their daily use:
- China – 45%
- India – 35%
- Brazil – 20%
- Spain – 9%
- UK – 8%
- Japan – 8%
- Argentina – 8%
- Germany – 6%
- United States – 6%
- Canada – 6%
When we think of China’s and India’s huge populations, besides their massive role in the world economy as a labour force, the top countries in our list do not surprise us. Driven by industrial production and manufacturing exports, together with others in the list, these leading countries will need more opportunely, speedy and steadfast payment methods like digital wallets more and more.
According to Juniper, an industry-leading insight company, QR code payments will account for 40% of all transactions by volume by 2026. Moreover, global transactions will be more than 380 billion for that year. However, many financial analysts draw a pinker picture and claim that these numbers are much less than expected, considering the shocking boost in demand during the Covid-19 pandemic by consumers propelled to use digital services.
Hence, digital wallets are the hereafter of online payments in a world that is evolving into a small village day by day. There are no borders anymore. Just on maps! We zoom, we skype, and we google! Don’t you think it sounds a bit archaic to utilize banks at a snail’s pace in the Renaissance of online services? We thought so!
Jeton Wallet is Here!
Our game-changer digital wallet, Jeton Wallet, can be the one you have been looking for. We present a premium online payment experience for yourself and your business. Over all these years in this competitive market, our proficient team accumulated an entire perspective of consumer habits and concerns. Through the light of our practice, we know what you desire!
Jeton Wallet provides comprehensive solutions for international money transfers, scheduled payments, and secure online purchases in more than 80 countries and 50 fiat currencies. Our registration is not only hassle-free and fast but also comes with a myriad of advantages. It takes just a few clicks to open a Jeton account with tens of deposit/withdrawal options, including local banks and payment methods.
Are you looking for a debit card linked to your digital wallet? A card that you can use in both online and physical stores. Jeton Card is a Visa-based debit card linked to your Jeton Account directly. Therefore, you can track all transaction history through your Jeton App smoothly.
To meet our avant-garde services, visit jeton.com and step into an entirely new approach to online transactions at its maximum.