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The smartphone market in the U.S. is one of the world's largest with more than 310 smartphone users. Add to that 5G coverage of up to 98% of the country's population and it makes sense that e-commerce and digital transactions are at an all-time high.
E-wallets are a great way for consumers to spend money safely and easily without providing sites directly with sensitive payment information. Many sectors benefit from the use of e-wallets including the casino sector. Sergio Zammit has dispelled fears around certain non-gamstop casinos, explaining that many are still fully licensed from reputable jurisdictions and providing a list of the most trusted ones. Despite this, digital security is still key to online consumers, and digital wallets provide an additional layer of protection.
One trend for 2024 is the high likelihood that more digital wallets will follow the lead of Android Pay and Apple Pay by introducing biometric authentication.
Not all trends for 2024 are security-related and cryptocurrency wallets are expected to reach new heights. Cryptocurrencies are more widely accepted than ever, with more brands recognizing the importance of embracing the biggest cryptocurrencies. Crypto wallets are designed to store private and public keys and interface with blockchains, allowing users to transfer funds and monitor their balances. The food and drink and retail sectors are leading the way in crypto adaption - in the former, more than 50 major brands like Domino’s and Hard Rock Cafe accept Bitcoin.
Smart speaker integration is another trend likely to be associated with digital wallets. The popularity of smart speakers has grown significantly since their introduction in 2014.
Statistics show that around 30% of U.S. adults own a smart speaker with Amazon Echo being the most popular brand with 65% of the market share.
Smart speaker assistants are used for a variety of tasks from setting alarms and answering queries, to playing music and making purchases.
Digital wallet integration with smart speakers will make purchases easier, improving the user experience and expanding a new avenue for consumers.
2024 will see continued development in numerous technologies that are already in use. One of these is near-field communication (NFC) which could see digital wallet applications improving their capabilities.
NFC is the communication over a short distance between two devices, an example of this could be using a mobile phone to make a payment by tapping it against a payment machine.
This type of payment is already available in most shops and transport networks and digital wallets will allow users to make safe payments as well as store access card information and loyalty cards.
Transferring funds between digital wallets is relatively simple, making international transfers more straightforward. This is particularly useful to workers sending money to families that reside in a different country.
This type of transfer is known as international remittance and digital wallets make it easier to use smartphones to manage finances and send money.
Finally, 2024 is likely to see AI use grow across a number of sectors and digital wallet applications could include the automation of routine transactions.
AI is being used by many industries to streamline processes, reduce costs, and improve the consumer's experience. The use of AI in digital wallets will further improve systems and allow its users to enjoy improved services.
