As we enter 2021 with COVID-19 following steadily at our heels, companies and their customers should look to digital wallets.
2020 brought a major shift to the world of commerce. Bringing about a demand for digital services, retailers had to adjust accordingly to meet the needs of their customers. Going forward into 2021, nothing has changed.
Now, thriving in the digital world as a company is more important than ever. With a larger playing field, businesses need to adapt and find ways to streamline their business processes and provide an engaging and convenient service to their customers. Building on this, research shows that this growing necessity has also led to the acceleration of certain consumer trends like digital wallet adoption.
Digital wallet adoption during COVID-19
Studies indicate that the rise of digital wallets may be a response to the apparent gaps between the online and physical marketplace. As people are left shopping from home, one could conclude that customers have turned to digital wallets as a means of replacing the convenience of using cash in-store.
In the U.S. alone, prior to and following the arrival of the pandemic, there was a rise in digital wallet usage from 38% to 55%. Although a considerable increase, there seems to be a few barriers to adoption with customers expressing concerns regarding lack of knowledge about how digital wallets function, their security and the benefits comparative to cash and card.
In addition to the rise of digital wallet usage, this period of time also brought forth other changes to consumer behavior. One noteworthy change has been a growing interest in cryptocurrency. As people shop from home, this form of digital currency has gained some traction, even by those that are unfamiliar with crypto and its underlying blockchain technology.
Looking at these shifts in behavior, it is slowly becoming apparent that one way companies may be able to differentiate themselves and thrive in this new business landscape may be to adopt a type of digital wallet known as a crypto wallet.
Looking to crypto wallets
With Bitcoin’s value surging, hitting record highs well over $34,000, the crypto market appears to be undergoing an exciting time. For merchants, cryptocurrency provides a means of tapping into an entirely new market of customers that will most likely be looking for ways to spend their bitcoin and other cryptocurrencies online.
What’s more, with digital wallets on the rise and considering the above mentioned barriers to adoption, people will be looking for wallets that are easy to use, safe and offer extensive benefits. Unsurprisingly, crypto wallets offer exactly this. With apps like the PumaPay crypto wallet available on the market, customers can fulfil their need for convenience when shopping from home without having extensive knowledge of the market or foregoing their security.
In addition, in using wallets like PumaPay, merchants can benefit too as the wallet is actually part of a bigger solution that allows companies to easily accept crypto without worrying about onboarding and offboarding between the digital currency and traditional fiat.
Crypto wallets offer an interesting means of differentiating a company in a changing marketplace. They also provide a great tool for people who are looking for convenient ways to pay for their online shopping.
As COVID-19 shows very little signs of slowing down, crypto wallets may just be what merchants and customers are looking for.
Are you interested in getting your own FREE digital wallet? Or are you looking to register with a comprehensive crypto payment solution?