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The state of digital wallets today and tomorrow: What does this mean for payments in the future?
Journal of Digital Banking,
6
(4),
349-358
(2022)
Abstract
This paper analyses the current state of digital wallets among consumers, financial institutions and merchants globally and looks at what the future holds in this regard. The findings of this paper are based on the expertise from Enfuce, a Nordic payment service provider, which is looking at digital wallets from a global perspective, as well as case studies from Northern Europe and secondary research. Although the case studies are examples from the Nordics, the lessons learned can be considered to be global. It was found that the use of digital wallets will increase in the future as consumers increasingly prefer digital wallets as a means of payment. Reflective of this is the vast and ever-increasing number of digital wallets available on the market today, which is due to differing demands and behaviours of consumers, financial institutions and merchants in different regions and markets. This means that there is no single solution catering for all market participants. With an increased number of digital wallets available, the competition will get even more brutal — only the most popular and visible apps will thrive, and end-user experience and appealing features are crucial to success.
Keywords: digital wallets; payments; banking; mobile wallets
The full article is available to subscribers to the journal.
Author's Biography
Monika Liikamaa is the CEO and Co-Founder of Nordic payment service provider Enfuce. Her visionary thinking and over 20 years of experience in the fast-paced payment industry have enabled Enfuce to integrate services for its customers in record time. Building sustainable solutions is an essential value of the company, made possible by Monika’s wide knowledge of the industry. Monika believes wholeheartedly that a business is nothing without a great team of people, and that is why she has joined forces with industry experts as co-founders and employees. Before founding Enfuce, she held several important positions within the payments industry as the CIO of S-Bank, Director of Cards and Payments at Aktia and Director of Cards and Mobile Payments at Crosskey Banking Solutions.
Linda Buss is the Product Manager for Payments at Enfuce. She has worked with payments in various positions for almost 20 years and has vast and diverse expertise in the field. In her current position as Product Manager, she is leading various initiatives to ensure that Enfuce’s product is and remains best in the market.
Ville Vaajanen is responsible for all the written content and the tone of voice of Enfuce. He has over six years of experience in the field of marketing and communications, having held content production, copywriting and content marketing roles in multiple agencies in Finland. Before joining Enfuce, he worked in the IT and software-as-a-service sectors as a content marketing expert.
