What to expect from the e-payment sector in this new digital age

By: Cesilia Faustina

Throughout the years, the global payment sector has experienced somewhat of stability until the start of 2020 when COVID-19 struct. The changes brought by the pandemic had huge impacts on the payment industry. A McKinsey report saw the global payment industry receding by 22 percent within the first six months in 2020, in comparison with 2019. It also predicted a loss of $140 billion in 2020. The year 2020 did have a big impact on the payment sector, many businesses have slowed down or even shut down completely. This has caused a shift and greater dependency for digital means. E-payment became a huge contributor to the global payment industry and coming into 2021, people are still depending on it. E-payment is producing more investors and innovators to push the sector forward.

Why you should use a digital wallet

By: Ola Azzouqa

By now, you have probably heard about new payment methods such as e-payments and digital wallets. Digital wallets allow users to make quick payments using their mobile devices, where they can store their payment information in one convenient place, that is their digital wallet.

This payment method has been gaining popularity in the past few years. It represents a shift in payment methods for goods and services away from traditional cash and cards towards a digitalised payment method.

So, what is a digital wallet? 

Investopedia defines a digital wallet as a software-based system that securely stores users' payment information and passwords for numerous payment methods and websites. By using a digital wallet, users can complete purchases easily and quickly with near-field communications technology.