Technology companies invest heavily in the e-wallet market after Covid-19
Covid-19 is causing technology companies to increase investment in e-wallet and smartphone payment.
The digitization process is taking place strongly in all areas of life, including finance and payment. Now when going out, just a smartphone, all human needs can be met instead of a wallet containing cards. This became even more useful after the outbreak of Covid-19.
Use technology to manage wallets
Technology companies such as Apple, Google, Amazon, Facebook have entered the electronic payment market through smartphones, with products such as Apple Wallet, Samsung Pay, Google Pay … but the Covid-19 pandemic caused this technology giant to continue to invest money in this segment.
In 2014, Apple launched its Apple Card mobile payment service and Apple Pay e-wallet, linking with Visa PayWave, MasterCard PayPass, and American Express ExpressPay. This is one of the services that attract a large number of iFan (iPhone lovers) attached to the Apple ecosystem.
According to The Wall Street Journal, Google is cooperating with Citigroup and a local credit association to build a debit card to compete with Apple Card and Apple Pay while Amazon is talking to banks including JPMorgan Chase to building its own electronic card format.
Earlier, Facebook “ambitious” wanted to completely replace banks with the Libra digital money project, a digital currency designed with the same cryptocurrency technology as bitcoin. Libra is expected by Apple to provide easier payment for people, especially those without bank accounts and in poor countries.
The growth of these applications is a sign that people are looking for technology to manage their money.
A survey of the research team at McKinsey (one of the world’s leading consulting companies) shows that 35% of respondents said they use Facebook to address their financial needs, more than 50% choose Apple and Google, 65% rely on Amazon (each person can choose more than one platform to pay).
Technology companies have attracted users in terms of information security, as well as the usability of the service.
Apple is seen as an impressive example of the ability to protect privacy with the whole ecosystem including iPhone, iPad, Mac, iOS, Apple Pay, and Apple Card. In all of the company’s messages and terms of service, Apple emphasizes not sharing customer data with third parties or using it for anything other than fraud detection and account management.
Following Apple’s lead, many tech companies continue to integrate the technologies they claim will make their financial products safe and easy to use.
Technology companies understand you better than you
In addition to the benefits of smartphone e-payment services, analysts also say that technology companies are holding too much data about a person and they can understand you better than you, thereby making users increasingly dependent on the company.
“People leave mountains of data after traveling somewhere, paying for any product … Everyone’s shopping habits can even reveal information about their personalities, for example. like whether they lack control over themselves or have health problems … A lot of companies are making money from that data, “said Dayna Ford, an analyst at Gartner.
Credit card companies used to sell spending data to analytics firms and retailers to understand consumer behavior, and now tech companies can collect themselves collect that data to build their own payment service platform.
E-wallet software development services in Vietnam
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View our case studies: https://www.inapps.net/inapps-case-study/wallet-app-development/