The online payment methods made a revolutionary in making digital payments via digital wallets. As we all know that the digital wallets are transforming the way of making payments with digital money like cryptocurrencies for any online transaction, you need to know the top digital wallet trends in 2020.
New digital wallets are emerging to advance digital wallet payment solutions. Entrepreneurs are integrating new technologies to enhance the features of digital wallet and to extend their service to make the whole world cashless and go digital.
Day by day the digital wallet is integrated with more features to cover up the limitations of the online payments. Many digital payment trends are entering the digital world and in 2020 we can see the difference in making the payments by looking into the top digital wallet trends that are going to make a tremendous change in the future.
In this article, we will look into the top trends in digital wallets.
The list of top digital wallet trends 2020.
Smart Speaker Payments
Smart speaker payments are the latest trend in digital wallet payments. It is also known as a Home assistant where the customer can interact with the voice commands and can also receive the voice response for the same.
The various voice commands that can be requested, such as asking for a weather or traffic update, booking an appointment or cab, ordering food via online food delivery service, etc.
Amazon advanced its step towards smart speaker payments via introducing their smart speaker Alexa and strong competitors like Google, Apple also followed with their respective Smart Speakers to compete in this digital world.
This has entirely changed the way to control the automation process for making payments.
With these smart speaker solutions, companies are trying to integrate with the security measures to make more digital payments via smart speakers.
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For example, Amazon is leading with its Amazon Echo for making digital payments. It supports other vendors like Domino’s to allow the customers to make payment for ordering pizzas via Amazon Echo by calling Alexa and sending the voice commands.
We can say that it is going to show up a huge growth in using the smart speakers shortly and it’s an important digital wallet trend of 2020 which is to be considered.
2. Cryptocurrency wallets
Crypto wallets are being emerged daily. Around 40 million crypto wallets are created and there is a tremendous increase in users of cryptocurrencies by making use of digital crypto wallets. We can say that it is one of the topmost digital wallet trends 2020 to be looked for.
From the history of crypto wallet and the latest survey, it is visible that more than 2 billion people around the world would be using this digital wallet in the near future.
Cryptocurrencies are into the trend with strong blockchain security features to make secure online payments with this digital money.
Many encryption and decryption techniques are used to enhance the security features of cryptocurrency wallet backed by blockchain technology allures more customers to make use of crypto wallet for many business transactions.
As the digital wallet market is expanding by using the 5G networks and high-speed internet connection, you can see many entrepreneurs implementing various features to build more crypto wallets in the future.
3. Payments based on sound waves technology
Payments based on sound wave technology is one of the latest trends in digital payment solutions. Without using internet connection this technology can be implemented to process the transactions.
To make the online transactions convenient and simple, many digital payments are making use of these sound waves technology
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Here the encrypted transaction data is carried by the sound waves to accomplish the digital payments. The waves are carried over the mobile phone and it is converted to an analog signal in the phone.
This technology foot holds the latest digital payment solutions and software need to be installed for implementing this technology where there is no need of any additional hardware to implement this technology and this is one of the topmost digital wallet trends that makes the digital payments easier and cost-effective.
4. NFC — Near Field Communication payments
NFC refers to Near Field Communication and this a wireless technology which allows the communication between short-range compatible devices. The users of contact-less cards are increasing tremendously and giving out a way to the enhanced digital payment solutions.
The contact-less digital wallets that make use of this NFC technology are Samsung Pay, Google Pay, and Apple Pay.
NFC enabled smartphones will communicate through the NFC enabled card machines within the short-range radio frequency waves.
By using this technology the devices communicate without touching each other and they need to be within the specified range.
The transactions are instantaneous with this NFC technology when compared to PIN technology and it is one of the latest and topmost digital wallet trends which will make the payments simple and faster.
5. Secured Payments via AI and Machine Learning
The digital payments can be made secured by AI and Machine learning technology. Since security measures is a major concern in online digital payments, payments using AI and Machine learning is one of the topmost digital wallet trends in 2020.
With human intervention, it is quite difficult to monitor fraudulent activities or hacking involved with digital payments. Thus AI and Machine learning were implemented where the hacking can be scanned within seconds.
To handle massive customer data and transaction data, many financial services adopted this AI and Machine learning technology.
Many Banks adopted this technology by installing the machine learning software and feeding their software the daily transactions to monitor or scan the fraudulent transactions.
For example, you may get alerts from the credit card company to make you aware of the transaction happened and such alerts are sent by software supporting machine learning and not the task done by the manpower. It is highly efficient to use machine learning and AI technology to filter out the fraudulent activities involved in digital wallet payments.
Conclusion
Hope in this article, you will find the list of top digital wallet trends 2020. Here the listed trends are also the future digital payment methods which will make cashless transactions to be used more frequently than the physical money.
This gives a space for the cryptocurrencies to boom all over the world so that not only the transaction, the money widely used also becomes digital in the near future.
Always choose the best cryptocurrency wallet developers to safeguard your cryptocurrency wallet.
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