Fintech trends 2021 in the UK: what is an e-wallet and how to use it?

The digital wallet or e-wallet has been around for over 20 years. However, over the last decade, it has developed and become more popular, radically changing the way your customers pay for goods and services.

OK, but what are e-wallets? Digital wallets are mobile applications that your customers use to register their credit or debit cards. How do you use an e-wallet? Once the cards are registered, your customers can make purchases in stores and online, using their smartphone as a payment method. E-wallets can also be used to store identity documents, official certificates, purchase tickets, airline tickets, or even electronic keys, saving users from carrying physical wallets with the risk of misplacing them or having them stolen.

The digital payment era and how to adapt

Offering such many benefits, e-wallets could only grow in popularity to become one of the fastest-growing payment methods among consumers worldwide, including your customers. And it's not for nothing that cash payment is expected to become the least used payment method globally by 2022. According to Statista, the digital payment methods sector (which includes all transactions made over the internet and/or mobile devices) has been booming for more than a decade. During 2020, nearly 779 billion digital transactions were made worldwide, which is expected to increase by 13% in the next 3 years. The rising trend of electronic payment methods (at the expense of cash) seems to indicate that the hitherto distant cashless economy (in which cash disappears) seems to be just around the corner.

The reality of digital payments in the UK and their benefits for your business

Already in 2017, Visa pointed out that 77% of British citizens used their mobile devices as a means of controlling and managing their finances (making transfers, managing recurring payments or subscriptions, or simply renewing their parking ticket), placing the UK above the European average (72%). The report also indicates that as early as 4 years ago, 83% of British consumers said they had used or were using a digital wallet or a mobile payment system, again well above the EU average (68%).

In addition to the many improved features of digital payment methods and e-wallets, another reason that explains their popularity is the increasing user confidence and peace of mind. Consumers increasingly rely on the security and privacy of these means to manage their banking and personal data.

As you can imagine, being able to pay from the device you carry everywhere completely transforms the shopping experience, making it omnipresent and with a much lower investment on the part of the seller (but radically different from the traditional one). That's why both large and small businesses must pay attention to these changes and know how to offer their customers a shopping experience that lives up to their expectations (and responds to their new shopping habits). Is your business ready?

How to offer the best payment gateway to your online and in-store customers

To cope with the high demand for digital payments from your customers without giving up the more traditional ones, you need a comprehensive and expert solution. At PayXpert, we have spent more than 10 years perfecting our financial technology tools until we came up with what is today one of our leading services: our payment gateway. Here we explain step by step how our payment gateway will allow you to respond to the increasingly diverse needs of your customers and how you can maintain the best control of your finances to date.

Multichannel payments to sell more: digital payments and more

We show you how to integrate the most complete and efficient payment technology to meet all of your customers’ purchasing needs. We have developed a multi-channel payment gateway so you can reach all your potential customers: compatible with e-wallet, conventional cards, alternative payment methods (including AliPay, WeChat Pay, or MIR system), or mobile payments.

• PCI IVR: our IVR or Interactive Voice Response allows you to manage sales automatically and in a personalised way and with greater availability than conventional operators. Through our IVR, your customers can be redirected directly to a payment gateway. What are the benefits? A call availability of 99.99% and a higher conversion into sales. As a result, your customers win, and so do you.
• SOFT MPOS: your salespeople can take a point-of-sale terminal (POS) wherever they go. An expert POS is compatible with more than 100 alternative payment methods in your pocket.
• Digital payments: to help you increase your online and cross-border sales. Compatible with payment methods and e-wallets worldwide, an online payment gateway with PayXpert stands for results.
• POS: a point-of-sale terminal with maximum compatibility for a maximised payment acceptance.

One of the keys to the success of our payment gateways is that we have more than 100 alternative payment methods and 10 different acquirers. This means that not only will your potential customers find their favourite payment method (no matter where they are from), but also that the rate of approved payments will increase, thereby increasing conversion. Say goodbye to rejected payments by overloaded networks and bring your business up to date with one of the most powerful payment gateways in the industry that will make you compatible with the latest digital payment trends, such as the e-wallet.

Do you want to increase your conversion optimally? Visit our website and discover all our Fintech tools: from payment gateways to business intelligence, to offer you the best management control thanks to the management of financial big data at the service of your business. Do you want to know what we can do for you? Contact us and request a demo without obligation.