Are E-Wallets The Future Of All Payments?

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Digital currencies are becoming ever more relevant, and along with them
comes e-wallets. The latest, from computer peripherals giant Razer, was released in early March to Singapore audiences. As more and more big companies start getting
into the e-wallet scene, it’s worth asking the question – will cash and card payments be phased out forever in favor of contactless?

The expanding market

A rising adaptation of e-wallet technology is driving the growth of the
market. There are countless currencies for different companies now, and
technology is expanding, too; one e-wallet offers QR code payments
another level of convenience up from contactless. In terms of the future
outlook for the technology, the signs are good. In January, banking giant
HSBC started testing a system in Hong Kong. This indicates a clear appetite
from big industry to get in on the action.

Is it proving successful?

The ever-expanding number of retailers looking to start using e-wallets
indicates that there is a lot of promise for the technology. The main
barrier that is providing ever-wider use of the technology is security
fears. However, these appear to have already been answered, at least in
part. Last year, CNBC outlined in detail how the technology is safe and
ever improving.
Impressing this message on would-be consumers will be important in cracking
new markets, especially the USA, which has been famously slow on taking up
contactless technology.

E-wallets could become the new norm

The technology and market forces are there to back up e wallets becoming
the new norm, and research suggests this will be the reality, too.
According to a 2018 report by consumer analysts Retail Dive, 66% of
Americans believe that smartphone wallet payments will entirely replace
card and cash. While this only covered the US market, it is noted that the
US is surprisingly reticent when it comes to taking on smart payments of
this ilk. Furthermore, the US market is often influential in inspiring
international trends. Accordingly, this finding can be seen as a bellwether
for the future.

With that in mind, it may well be time to start switching to the e-wallet.
More and more retailers are taking to the technology and it might be a
matter of time before preferential rates are offered through their
currency. Uptake might be slow in the US, but when it does happen, you can
expect most countries to fall in line, too.

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