Global eWallet usage has experienced significant growth in recent years. Also known as digital wallets, mobile wallets, or electronic wallets; eWallets have increased in popularity for both e-commerce and point-of-sale (POS) transactions, becoming the most prominent payment method for online transactions, particularly in Asia, which has a substantial 60% market share.
It is anticipated that digital wallet payments will continue to grow globally, with projections indicating that by the end of this year, 4.4bn users will make purchases with them. This takes the total percentage of mobile payments used in ecommerce up to 52%, with 30% of all POS transactions also made using digital wallets.
The COVID-19 pandemic has accelerated this move away from cash payments, with more people worldwide opting for contactless and digital payment methods in their daily lives. This upward trajectory means that contactless payments are becoming the norm in day-to-day transactions.
While mobile payments are dominated by well-known providers such as PayPal, Apple Pay, GooglePay and Alipay, the global market has seen many new operators creating their own platforms for payments. This has been greatly supported by the improvements in technology behind solutions such as NFC, which powers most mobile wallets. With a large amount of the population also having accessories that will run these payment systems alongside their mobile phone, carrying a regular wallet is now almost obsolete.
With the widespread adoption of digital wallets, ensuring the security of user data and financial information has become a top priority. Their increased use has obviously created huge opportunities for fraudsters to exploit these platforms, making vigorous security measures essential. In order to stay one step ahead, businesses need to verify the correct person is in possession of the phone associated to the eWallet when it is used for onboarding or transactions.
At XConnect, we understand the importance of verifying identities and telephone numbers, especially when dealing with financial transactions. We have a wide range of datasets that can help prevent fraud and validate traffic globally.
We aggregate data from a variety of verified sources, such as the Mobile Network Operators, Number Registry Authorities and Regulators. We add some of our secret sauce then deliver frictionless query responses so that your end-users get a seamless experience. Businesses can then highlight early red-flags and prevent potential fraudulent activity before enabling services.
For further information on our services, please contact us: www.xconnect.net/services