Types of Ewallets and Their Issues & Challenges in 2022

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Global E-Wallet Market

• By the end of 2023, the global E-wallet market is
  expected to grow to USD 2.1 trillion with a CAGR
  (Compound Annual Growth Rate) of 15.

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Introduction

• The emergence of eCommerce and the digital
  economy calls for new payment methods in the
  market. The online-only shift of some buyers has
  forced the digital ecosystem to migrate from cash
  payments to plastic cards, and now it is taking a
  leap towards contactless payments.
• Contactless payment can be made through digital
  channels held in the cloud or on the digital
  wallets (E-wallet). As the world of digital
  payments is still evolving, industry experts
  address it with a variety of names such as mobile
  banking apps digital money, e-money,
  micropayments, and many others. Also, there are
  several types of e wallets available in the
  market that make contactless payments a reality.

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• In contrast to the traditional cash/card payment
  methods, E-wallet is built on encrypted software
  technology instead of an analogue wallet. It
  provides a secure environment for the users to
  store n numbers of debit/credit cards and bank
  accounts, mitigating the need to fill up payment
  details on every monetary transaction.
• Most of the customer-facing Ewallet
  services operate through smartphone apps. It
  requires users to register within the apps and
  create an E-wallet profile that grants them
  access to make instant payments.

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Types of E-wallets

• When it comes to types of e wallets, the market
  is divided into three categories, closed
  E-wallets, semi-closed E-wallets, and Open
  E-wallets. 
• In the case of closed E-wallets, the user can
  only facilitate payments to the wallet issuer
  only. Whereas semi-closed E-wallets allow users
  to get the financial services by only those
  merchants which are allowed by the wallet issuer.
  Both the closed and semi-closed E-wallets types
  dont permit cash withdrawals.
• The open E-wallets goes beyond the limit of
  closed and semi-closed and also allow users to
  withdraw money via ATMs or Banking
  correspondents. Among all the types of e wallets,
  open e-wallets are the most popular ones.

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E-wallets by Mode

• The evolution of E-wallets has introduced us with
  new technologies which include digital wallets
  and mobile payments. These two modes of Ewallet
  payment may sound identical but are very
  different.
• Almost every type of e-wallets require users to
  store their payment information such as bank
  accounts and Credit/Debit cards and allow them to
  pay at any POS terminal. Digital wallets users
  are not required to carry their plastic money
  along with them as the wallet directly pulls out
  money from the accounts. However, the digital
  wallets cannot keep cash balance within the
  application.

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Digital Wallet Trends for 2022

• Financial technologies such as Cryptocurrency,
  IoT, NFC, and AI are the ones that will pave the
  success of e-wallets in the upcoming years. The
  realisation of AI-powered e-wallets that will
  automate the routine transactions will ease out
  our day-to-day payment activities.
• Similarly, the digital wallet trends for 2021
  include e-wallets capable of making payment via
  NFC (Near Field Communication) while keeping the
  financial data secure through blockchain
  technology. There are endless possibilities for
  implementing innovative technologies in the
  payment industry.

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Challenges with Ewallets
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Conclusion

• Now when you see the bright future of all the
  three types of E-wallets, its time to move to
  action and bring your financial technology
  business to life. The Nimble AppGenie team would
  be happy to offer its services to help you
  achieve your goal. We are well versed in Ewallet
  app development and have the appropriate
  experience. Our experts can guide you through all
  the challenges occurring while developing your
  Ewallets. We will be your best choice for
  technology services in the financial domain.

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Thank You

• If you have any query ?
• Contact 1 920-354-6944, 44
  207-459-4465
• Visit www.nimbleappgenie.com