Digital Wallet – Fulfilling Customers’ Needs

By Shweta Pradhan

Just when humanity thought technology couldn't make life any more convenient, digital mobile wallet services get introduced.

"Handy" alone is not sufficient to describe the full package of attributes this innovation carries, with the speedy fast cash transaction option, robust security assurance, E-wallets are incredibly secure and offer a minimized risk of fraudulent activity, a direct link to the users' bank account and more. Digital payments have become a new yet sensational topic as of late. Before the user interface of digital payment apps weren’t as easy to use and smooth functioning, which would be problematic for users but now people who were very unknown are also now trying to get into digital wallets. They seem to be realizing the convenient ways for the payment service and the flexibility provided by the digital products where they can get comfort entertaining transactions from home or wherever they are at.

Instant gratification in life might not be possible but instant payments are with a digital wallet! Digital wallet as so the name suggests is a result of technological advancement that permits the transaction of currency via the means of digitalization. The process is followed by an additional authentication for recognition in order to safeguard the transaction. So far the number of digital wallet has impressively grown in the past few years, they have been commonly operating as Payment Service Providers with their numerous payment options, after the establishment of IME pay, along with other e-wallet applications, a fair credit share of the increasing analytics goes to the recent breakdown of COVID virus in the year 2020, as people were and are still opting for human to human contact less mediums. Retrospectively viewing, the obvious benefits of switching to online payment and saving option has been acknowledged in the past years too, alongside of which, a positive connotation is the popularity that has remarkably plateaued in the present days with the rise in number of businesses forming a synergy with e-wallet options, bridging the gap between people and the application via marketing and promotion. Also digital payment in Nepal soar as more people stay home on virus fear

COVID-19 pandemic has left a detrimental effect on people, especially because the new normal of avoiding human contact is expected to be a constant for years to come along. Needless to say, the effects of the lockdown have promoted the active use of cashless transactions and, more and more people each day are going cashless. There has been a significant growth ever since the COVID-19 and more and more people have started to embrace the digitalization. This shades a positive light on the future of e-wallets as electronic transactions don’t need physical presence which is why, now digital payments have not only become a preferred option but a necessity all together. The easy few steps operation method allows the users to be confidently in charge of money navigation. The coronavirus epidemic has affected everyone’s business, Whereas the elder ones are doing well and some of the e-wallets are also been urged to either sell their licenses or merge with other related business company to continue their work. 

On the other hand, international tourists and domestic population benefit equally with the newly introduced remittance feature, marking the leverage that goes both ways for the application and people. Lately, In Nepal now there are now many e-wallets which have been launched in the market to make the digital payment service easier.

In summary, the endorsement of digital wallets is expected to grow with years to come, making space for expansion in terms of features and wider reach to mass population.