The importance and convenience of digital wallets

As contactless payment solutions rise in popularity amid the COVID-19 pandemic, it has become clear that digital wallets are likely to become an important part of our future. Not only are they easier to use by eliminating the need to carry a physical wallet, they also offer many other benefits such as enhanced digital reward/loyalty programs and better data collection on consumer spending habits/preferences. Although we are likely still in the infancy stage of the full potential digital wallets will offer us in the future, we are likely on an irreversible path as consumers and businesses become accustomed to the ease and security of going digital, including in their payment preferences.