The rise of the digital wallet isn’t just a tech trend—it’s a fundamental shift in how consumers will interact with finance and commerce. The fragmentation of financial services has created a need for a central hub, and the digital wallet is set to fill that gap. For eCommerce companies, this is a race for relevance.
Here’s what you need to know:
- Rebundling of Finance: We’re moving from the unbundling of financial services to the great rebundling, with wallets acting as the centre. This means that your customer might prefer to interact with a single digital wallet rather than individual apps and cards.
- Beyond Payments: The wallet will be much more than a place for payments, it will be the place for identity, ticketing, and access. By offering your customers a more wholistic and convenient option, you are increasing your chances of remaining in the wallet ecosystem.
- Opportunities in Identity: The wallet that owns identity will have an advantage. With digital ID standards like Real-ID, any wallet can obtain a cryptographically secure identity. This could help with things like age verification or proof of purchase.
- Strategic Partnerships: The battle for the wallet is fierce, with tech companies, banks, and fintechs all vying for a piece. eCommerce companies should be looking for strategic partnerships with wallet providers to ensure seamless integration.
- The Future is Now: eCommerce players need to stay ahead and provide multiple payment options, integrating their services with these wallets, to enhance conversion and gain customer loyalty.
Ultimately, the everything wallet will own the customer experience and will provide a convenient hub for payments, identity, and management.
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