How Mobile Wallet App Has Evolved During the Covid Pandemic?

According to GlobalData, Covid has given a transcending impact on the whole payment industry and emerged with new technologies. Over 93.7% of the people have agreed with the fact they are using mobile wallets in their day-to-day life. Juniper Research states that the QR code payment methods are rising more in the next coming years to cover 27% of the market for commercial transactions.

APAC (Asian-Pacific region) markets including China and India have participated globally in the usage of mobile wallets, Vietnam and Thailand also have adopted the same technology.

Although compared to the other countries Singapore lies nowhere in the market, still in 2020, it played a significant improvement in offering wallet services for online transactions. 4 digital banks have granted their licenses, and nearly 500 hawkers have tied for the cashless payment options. One of the top mobile wallet apps in Singapore, that has large proximity of users is DBS Bank’s PayLah.

They offer standard features and different modes of services to their customers. SimplyGo, launched by Singapore LTA, is a great option to pay for the rides while commuting in public transportation. VitaminShoppe adopted mobile wallet technology during the earlier days of the pandemic.

Let’s understand the fact of how the pandemic has raised the involvement of mobile wallets.

ewallet app development

Factors That Raised the Usage of Mobile Wallets Apps in Covid

When the pandemic spread during the year 2019-2020, most businesses were on the verge of shut down. When people don’t want to go outside, they can order anything at their place conveniently. This raised the need for mobile wallet payments.

1. Bullet Proof Solutions:

ewallet app solutions

Some of the best mobile wallet app development companies offer worldwide solutions like secured data access, protection of your phone against any loss, theft, accidental damage, reimbursement of the money withdrawn, travel insurance plan (covers any loss or damage and medical expenses up to $1M), etc.

2. Adopted Robust Methods:

ewallet app design process

Target and Starbucks already have allowed their customers to pay from wherever they are without entering the stores. These omnichannel have begun more services in the pandemic including curbside pickup and QR code touchless order. QR codes are the most hygienic method adopted by people. They feel it is safer than ordering from the paper menu. Instant payment, high adoption of QR codes, are the major drivers for the usage of mobile wallets. If you are a store vendor, you can place a QR contactless payment method at your shop, as the cost of transaction fees is much low compared to the traditional methods.

3. Inclination towards the Mobile Wallets:

ewallet app development design process

The rise in the internet, usage of low-cost smartphones, secured payment methods in the market, growing awareness for mobile payments, has resulted in the usage of mobile wallets more often by the customers in the pandemic. Mobile wallets used QR codes for the payments. There are different categories of mobile wallets, bank-owned wallets, and non-bank wallets.

4. Integration with Various Sources:

online ewallet app

There are plenty of places where mobile wallets would be used like supermarkets, clothing shops, riding cabs, tea stalls, grocery stores, fuel stations, hotels, etc. Customers are using their phones to do the transaction via cashless wallet payments, such as Google Pay, PhonePe, or Apple Pay.

Mobile Wallets trend allows a gradual decline in the cash payment and facilitates multiple factors to the customer. Some of them are quick payment transactions, wide acceptance of the QR code, and merchant preference for cashless payments.

Read More: How To Start E Wallet Application – A Detailed Guide

Wrap Up!

Mobile wallets are agile and safe to transact money via the app. Using the mobile wallets, you are no longer required to use the physical card or sign a receipt. All you have to do is just tap your fingerprint on the smartphone and perform the quick process.

Mobile wallets scanned the QR code directly linked with the bank account, and are widely accepted by the majority of the merchants in Singapore like GrabPay, PayLah, FavePay, Nets, etc. in addition to that some merchants offer loyalty reward points and discounts to their users. While instant payments offer direct payment from the banks, is become the primary factor. Singapore’s PayNow is one great option to pay through UPI (unified payments interface) using mobile wallets for instant payments.