NEW YORK - July 29, 2019 - (Newswire.com)
The global payment processing solutions market is expected to grow from USD 39.3 billion in 2019 to USD 64.5 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 10.4% during the forecast period.
Major growth factors for the market include increasing worldwide initiatives for the promotion of digital and online payments, high proliferation of smartphones, focus on improving customer experience, and customers' demand for immediacy of payments and settlements. These factors are expected to drive the global payment processing solutions market. However, the lack of a global standard for international transactions may limit market growth.
An eWallet is a way of storing payment methods, such as debit and credit cards, electronically so that individuals and businesses can send and receive payments through a mobile device, whether that is a tablet, smartwatch, or smartphone. Typically, an eWallet will be provided through an established payment processing model.
The eWallet market has been expanding rapidly, offering the benefits of mobile-based payments to consumers and businesses globally. However, the growing competition has already made it challenging for new entrants into space.
We had a chance to chat with Brent Suen, whose company Weyland Tech, Inc. www.weyland-tech.com shared tips and insights into the future of FinTech in Southeast Asia.
Factors that can lead your eWallet toward success
Offer an integrated solution
Your eWallet app is considered a solution for making a seamless, swift, and secure mobile transaction, but it can be so much more than that. It helps to develop partnerships with businesses already serving the market segment that you are looking at, and integrate the services and features that create more value for your users. You have to give them reasons to not only use your app but to stay in it.
Take care of comfort and convenience
Customers want an eWallet app that can make their life easier. The whole premise of an eWallet is to make users’ lives easier. Even the simple act of pulling a credit or debit card out from a physical wallet can be an inconvenience. It’s critical that your eWallet app offers both comfort and convenience in a secure way.
Pay attention to features
User-friendly features give your eWallet a competitive edge. Even if you are working within some constraints, whether they are regulatory, cultural, or technological, there are certain consumer expectations regarding the capabilities and convenience of both mobile devices and payment experiences that can’t be ignored if you hope to succeed. The users’ experience needs to feel natural and intuitive or they will return to traditional payment methods available to them. Users tend to appreciate the features they don’t even know exist the most.
Customer Service is paramount
Although eWallets are generally free, and the developer or publisher receives a percentage from transactions, either from the user or shop, many US consumers have a low tolerance for customer service that isn’t responsive or immediate. This cost center will make profitability as an eWallet provider a little longer roadmap. Many eWallet companies seek market share as opposed to profits and should they be properly funded by investors, have stronger staying power than those not well funded. Therefore, customer service is even more important to prevent customer ‘churn.’
In today’s mCommerce-driven age, individuals prefer mobile app-driven payment for all types of transactions. In the coming days, we can expect that the number of eWallet apps will rise. From paying bills to shopping, these apps are ready to perform multiple transactions in a secure and user-friendly way. Though the retail and e-commerce sector remains the biggest beneficiary of the eWallet app, every B2B and B2C business can leverage its benefits.
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