12 Sep 2024
Customers are using digital wallets. According to a survey, there were more than 2.6 billion users of digital wallets globally in 2020, and the number is predicted to rise to 4.4 billion by 2025. According to a Visa poll, 16% of consumers only use digital payment methods, and 25% indicate they plan to switch over the next two years.
It is high time digital wallets were adopted for payments and remittances. According to a January 2022 Visa annual outlook study, 82% of small and micro companies accept digital payment methods, and 46% of respondents stated they plan to utilize digital payments more frequently. Keep reading this blog to learn how digital wallets can benefit your money transfer from Italy to Sri Lanka and other fees.
The following are some of the primary explanations for why so many companies and individuals favor digital wallets:
Digital wallets make purchasing procedures more efficient, boosting sales and conversion rates. Obstacles that might discourage new consumers from converting and reduce the lifetime value of current customers must be removed. A smooth checkout experience that accepts various payment methods, including digital wallets, can do this.
Once again, when compared to conventional card payment options, digital wallets are extremely safe. Tokenization reduces the risk of credit card fraud and outperforms other security measures. The security of digital wallets lowers operational expenses for companies while also lowering the number of fraudulent claims and chargebacks. Moreover, due to its incredible safety, users are also utilizing digital wallets to send money online to Sri Lanka from Italy.
Users typically don't want to take out their credit cards and physically enter their payment details into a mobile device to complete a transaction. Reduced conversion rates and increased abandoned carts result from not supporting digital wallet payments for mobile shopping. Hence, many businesses in Italy provide users with the ease of digital wallets and a calming payment experience.
Digital wallets are the most convenient way to make payments for both companies and their clients. The effectiveness of receiving contactless payments via digital wallets can reduce wait times and boost customer turnover for firms that take payments in person. Moreover, consumers value a quick and easy payment process that is not a hassle.
With the rising popularity of digital wallets, more and more expats want to use them to send money to Sri Lanka from Italy.
Naturally, the assumption that both the sender and the recipient have access to a bank account gives banks the superiority to dominate remittances. But suppose if none of them does?
Last year, we witnessed a notable increase in support for global financial inclusion. This has prompted the creation of aggressive goals for reaching universal financial inclusion as well as legislative actions.
People will still need to figure out how to access and receive the money that their family sends from abroad in the meantime. It is evident that funds in a bank account are sometimes useless for receivers in nations such as Sri Lanka. They require it in an easily accessible manner that is pertinent to the day-to-day reality of their daily life, above all else.
It's easy to understand how remittance payments might be affected by digital wallets. They are frequently more affordable, quicker, and, most importantly, more relevant and handy than conventional approaches.
The beneficiary may disburse the payment at their convenience, thanks to instantaneous money transfers across digital wallets. ACE Money Transfer optimizes the advantages of digital wallet transfers. The remittance is sent directly into a bank account or another handy local payment-receiving option, such as a mobile money account. It's easier to remit money to the same recipient on a frequent basis when you don't have to enter their payment information after the initial transfer.
Furthermore, remitting money is less expensive with digital wallets like ACE as they frequently provide reduced fees and more competitive exchange rates. According to the World Bank, lowering remittance costs to 5% may provide Asian families and local communities access to an additional US$4 billion.
Digital wallets are far too frequently appreciated for their speed and ease of use. When it comes to remittances, they can provide expats with the assurance that their loved ones will receive more money in a format that works best for them.
Digital Wallets are the future of the finance industry. More and more people are adopting this technology for its ease and convenience. ACE Money Transfer is an excellent option if you wish to send money internationally. Sign up today and enjoy your first free online money transfer from Italy to Sri Lanka.
Yes, some digital wallets allow remittances to be sent directly to mobile money accounts, making transfers more accessible.
Yes, digital wallets use tokenization, which significantly reduces the risk of fraud compared to traditional card payments.
Digital wallets enable money transfers even when the recipient lacks a bank account, providing an alternative to traditional banking.
Many digital wallets support multiple currencies, making it easier for expats to send and receive money internationally.
Digital wallets often offer lower fees and better exchange rates compared to traditional banking channels for remittances.
References:
https://www.juniperresearch.com/press/digital-wallets-transaction-value-to-grow-by-60/
https://usa.visa.com/about-visa/newsroom/press-releases.releaseId.18711.html
