Digital wallets have turned into one of the most important innovations of the last period, thanks to financial technology companies that set out to provide inclusive financial services for the masses who have difficulty in accessing banking services.
The change in global payment habits due to the development of financial technologies continued in 2022 as well. Digital wallets, one of the concepts created by the financial technology industry all over the world, have been one of the engines of this transformation. While current research shows that the global digital wallet market will exceed $2028 billion by 30, it was seen that the share of digital wallets in online payments reached 2023% in the 49 edition of the Global Payments Report.
Vepara Business Development and Project Manager Buse Dökmen shared her evaluations on the subject and said, “Digital wallets are rapidly being adopted all over the world. Security concerns regarding these solutions, which offer banking services with a more accessible experience, are also lagging behind with the development of regulations.”
Leads in both online and face-to-face payments
In the Global Payments Report published by FIS, which has been developing financial technologies since 1968, it has been determined that digital wallets have surpassed credit card, debit card, prepaid card and cash options in both e-commerce spending and global POS spending. On the other hand, it is predicted that digital wallets will be used in 2026% of face-to-face payments and 43% of online payments in 54.
Emphasizing that an era has already begun where consumers do not need a physical wallet when their phones are with them, Buse Dökmen said, “We see that one out of every 2 online transactions and three out of every 10 face-to-face transactions are made with digital wallets in global data. Digital wallets, which are end-to-end encrypted and protected by secure infrastructures, become even more secure with technologies such as two-factor authentication.”
Digital wallet giants China, India and Brazil
Insider Intelligence data revealed that among the leading countries in digital wallet usage, China, India, Brazil, Spain and the United Kingdom make up the top five. Stating that almost one out of every 2 adults in China uses a digital wallet on a daily basis, Buse Dökmen said, “Companies providing services for digital wallets, which are also adopted by the world's largest populated countries, have to comply with certain regulations. For example, in order to provide digital wallet services in our country, it is necessary to obtain an electronic money and payment services license from the Central Bank of the Republic of Turkey. In the digital wallet services, which are also audited by the Financial Crimes Investigation Board, all transactions are regularly monitored 7/24 against improper use. All users who take personal security measures and set strong passwords can use digital wallets, which are as secure as bank applications, with peace of mind.
“We are launching our digital wallet solution very soon”
Reminding that they are a CBRT licensed electronic money and payment institution that combines all alternative payment methods under one roof and offers reliable, fast and easy-to-use payment solutions for end users and member businesses, Vepara Business Development and Project Manager Buse Dökmen concluded her evaluations with the following words: We will start offering 7/24 free money transfer, QR code payment and many other services for all individual and corporate users with our Vepara Wallet solution, which we will launch on iOS and Android app stores very soon. In addition, Vepara digital wallet owners will feel the privilege of using a digital wallet by taking advantage of additional advantages at contracted member merchants. We will take this experience a few steps further with the prepaid card service. Users will soon have free access to the digital wallet solution that they can use safely.”