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Mobile Wallet Apps 2023: Revolutionizing Business and Enhancing Financial Inclusion

Mobile Wallet 2023

In today's digital era, mobile wallet apps have emerged as powerful tools that enhance customer experience, drive revenue growth, and improve financial inclusion for businesses, banks, and retailers. With the increasing penetration of mobile devices, customers now have access to numerous benefits offered by eWallet apps in their everyday lives. The shift from a cash-heavy to a cashlite society is becoming more apparent, enabling people who were once unbanked due to various restrictions such as rural location, gender, age, and more, to enjoy full-scale access to digital financial services through eWallets.

Mobile Wallet stats 2023

Mobile Wallet Apps: Improving Customer Experiences

Mobile wallet apps provide customers with convenient options for making payments, managing finances, and accessing services directly from their smartphones. By securely storing payment information, these apps eliminate the need to carry physical cards or cash. Transactions can be completed swiftly and seamlessly through technologies like near field communication (NFC) and quick response (QR) codes. According to a study conducted by Mastercard, 76% of consumers find mobile wallets to be more convenient than traditional payment methods. Additionally, PYMNTS revealed that 51% of Gen Z consumers believe that physical wallets can be completely replaced by mobile wallets. Therefore, providing customers with reliable digital wallets has become a crucial business development strategy, meeting the expectations of consumers.

eWallets: New Acquisition Opportunities for Banks and Retailers

Integrating a mobile wallet app offers banks and retailers the opportunity to tap into previously untapped customer segments. By targeting tech-savvy millennials and Gen Z consumers who prefer digital payment solutions, businesses can attract and retain a new generation of customers. Furthermore, mobile wallet apps enable cost-efficient marketing campaigns, loyalty programs, and personalized rewards, fostering customer engagement and loyalty. Instead of relying on traditional low-ROI customer acquisition tactics, businesses can be the first to cater to previously underserved audiences. According to a report by Deloitte, offering a mobile wallet can help banks and retailers expand their customer base by reaching unbanked and underbanked populations, which ultimately leads to increased revenues.

How Digital Wallets Contribute to Diversifying Revenue Streams

Mobile wallet apps allow banks and retailers to diversify their revenue streams through various means, such as transaction fees, partnerships, and value-added services. Financial institutions can generate additional revenue by charging a small fee for each transaction. Collaboration with merchants and third-party service providers opens up opportunities for targeted advertising and partnerships, unlocking new revenue streams. For instance, integrating loyalty rewards platforms within a mobile wallet app can incentivize customers to make repeat purchases, benefiting both retailers and financial institutions. A recent Juniper Research report predicts that there will be over 5.2 billion digital wallet users worldwide by 2026, representing a significant growth of more than 53% from 2023. This growth indicates the immense revenue potential in the mobile wallet space.

Advancing Financial Inclusion with Digital Wallets

One of the most significant benefits of mobile wallet apps is their potential to improve financial inclusion. In many developing countries, a large population remains unbanked or underbanked, lacking access to basic financial services. Mobile wallets provide a cost-effective and accessible solution, enabling individuals to store, send, and receive money, even without a traditional bank account. Mikhail Miro, CEO and Co-Founder of Wallet Factory, emphasizes the contribution of eWallets in addressing financial inclusion challenges in his expert article in Forbes. By leveraging mobile network coverage and increasing smartphone penetration, mobile wallet apps can empower underserved populations to participate in the formal economy, fostering economic growth and reducing poverty. The World Bank estimates that digital financial services, including mobile wallets, have the potential to reach 1.4 billion currently unbanked individuals globally.

Final Thought

As we progress into 2023, mobile wallet apps are revolutionizing the way businesses, banks, and retailers engage with their customers. The integration of an eWallet app offers numerous benefits, including convenience, new acquisition opportunities, diversified revenue streams, and improved financial inclusion. By embracing mobile wallet technology, businesses can enhance customer experiences, drive revenue growth, and unlock the potential of previously untapped markets. As the digital revolution continues to shape the financial landscape, it is imperative for banks and retailers to leverage mobile wallet apps as powerful tools to stay ahead in the rapidly evolving FinTech industry.


Comments: (1)

Dmitriy Shcherba
Blog group founder
Dmitriy Shcherba - Wallet Factory - Wrocław 11 July, 2023, 11:44Be the first to give this comment the thumbs up 0 likes

Hope you've liked your reading. Let me know your thoughts on financial inclusion and how digital transformation can improve the situation in developing countries in 2023 and beyond.

Dmitriy Shcherba
Blog group founder

Dmitriy Shcherba

Digital Content & PR Executive

Wallet Factory

Member since

16 Sep 2021



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This post is from a series of posts in the group:

Digital wallets & loyalty programs for businesses

First-hand insights for banks, telcos, and retailers into the benefits of integrating eWallets and personalized rewards with a current infrastructure to open new revenue streams, build customer loyalty & retention, and boost financial inclusion.

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