When it comes to mobile payments, there are more types of them than just contact-less phone payments, both for the remote or say face-to-face payments. Share of Payment Methods as Percentage of eCommerce Transactions Worldwide Experts have also predicted that in 2019 there will be a growth in the numbers up to more than 1 trillion. A report by Statista reveals that in the past few years, the revenue generated by the global mobile wallet app market has scaled from US$450 billion to US$780 billion.As per the Juniper Research, it was found that in the coming times 32% of the hike is anticipated in money spent using mobile wallets. Then again in 2017, another survey was conducted, where the digital payment mobile apps for the e-commerce stores were very prominent and there was a usage rate of 63% among the total mobile buyers.
The survey was again conducted by the same firm in 2016, where it was found that 32% of respondents used digital wallets and online payments, while 78% of the consumers were knowledgeable about them.
These days all of us are witnessing the extreme usage and importance of mobile phones in our lives, and thus to take advantage of this fact and to add to the convenience of the customers, several ways have been developed to enable them to make easy payments via their phone. So, what are mobile payments exactly? Well, mobile payments refer to any payment that is made by the use of a mobile device. 11.1 How Geography can affect Development costs?.11 How much does the E-Wallet mobile app development cost?.10 The Selection of the App Development Partner is Vital.9 Development Process of E-Wallet Application.6.2 E-Wallet App Merchant Panel Features.6 General Features of eWallet Mobile App.5 Top Mobile Wallet App Across the Globe.4 Usage of Mobile Wallets for Multiple Purposes.3.3 Magnetic Secure Transmission Payments:.2.1 Share of Payment Methods as Percentage of eCommerce Transactions Worldwide.2 Market Size and Statistics of EWallet Mobile App.This is why people have wholeheartedly embraced this concept of e-Wallet mobile apps and the businesses have also come forth with their own customized and robust financial solutions. This way, e-Wallet mobile apps have been a boon of sorts for people, as it saves them from many unpleasant experiences, like standing in the long queues for paying bills, making payments at the cash counters, depositing cash, or making a transfer. In the case of e-Wallet mobile apps, it offers a safer ecosystem to make payments and at the same time, they are fast & reliable. This way, they are also not required to deal with the hassle of carrying a big amount of cash with them, which is not a good idea, from the safety point of view as well. It goes without saying that people absolutely love this idea of digital payments via e-Wallet mobile apps or payment gateway models to carry out their day-to-day transactions. So yes, e-wallet app development is going to be our area of discussion in this blog. However, today the scenario is the exact opposite as nowadays there are myriad modes of cashless transactions available, in the form of Credit Cards/Debit Cards/PayPal, Braintree, and not to forget the e-Wallets, and m-wallets, that have paved the way for mobile payments. There was a time when the only type of transaction people was aware of used to be cash transactions, with the rest being nowhere in the vicinity.
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