The digital wallet payment method is now the most popular in the world of ecommerce. It’s just one of the many developments that came about in the wake of the lockdowns. Online shopping boomed in 2020 simply out of necessity. Fortunately, systems were already in place to handle the shift when it happened.
Even in in-person transactions, people prefer digital wallets stored in their mobile phone for contactless payments. The worry about infections no doubt accelerated the adoption. Credit cards and debit cards are also going strong while cash is trailing behind. Experts expect the trend to continue even after the pandemic.
Studies show that mobile wallets cause people to spend more because it’s so easy. Therefore, it is important to be more responsible in handling your finances when you make the transition. Get all of the benefits and none of the downsides.