Modes of Mobile Payments - Their Benefits for Merchants and Users
In this era of technological advancement, the world is moving rapidly towards digitalization. But when you particularly talk about the banking and finance industry, Android E-wallet app development and E-wallet app for iphone is the hottest topic worldwide. Based on a research by The Business Research Company , the digital payment market is predicted to grow from $5058.96 billion in 2020 to $5872.89 billion in 2021 with an annual growth rate of 16.1%. Moreover in 2025, the market is expected to reach $9073.09 billion with a Compound Annual Growth Rate (CAGR) of 11%. Now, let’s move towards the modes of mobile payments, and their benefits for merchants and users. Modes of Mobile Payments 1. Digital Wallets These wallets can be accessed through smartphones, computers, or tablets. Digital wallets users can store the information of their bank accounts and credit cards within the application. It also allows users to make payments directly from those cards and accounts. 2. Mobile Wal