In today’s technologically-driven world, transacting via cash is gradually declining. In the last decade, credit/debit cards occupied a predominant position when it comes to payments. With smartphones becoming an integral part nowadays, e-wallets are rising to the occasion. These digital payment solutions are making transactions hassle-free and more convenient. Even ecommerce giants like Amazon have realized the market scope of digital payments apps and have rolled out their ultra-modern Amazon Pay. Way back in 2016, Amazon Pay had 33 million customers. These numbers would have proliferated in the years, owing to enhanced smartphone penetration.
Are you an entrepreneur aiming to launch an Amazon Pay clone but hesitating to invest in the online platform? This blog discusses the reasons/benefits for/of investing in the digital wallet platform.
The Accelerating Market
According to a recent report by Allied Market Research, the market for e-wallet apps snowballs from $1.043 trillion in 2020 to a whopping $7.58 trillion in 2027. Roughly, the market grows exponentially, with a CAGR of 28.2% in the forecast period.
Another crucial stat that signifies the emergence of digital wallet apps is from Statista. In 2016, only 13% of online users were familiar with digital wallet apps. These numbers doubled within a couple of years, reaching 29% in 2018.
Enormous Benefits In Every Aspect
Some of the lucrative benefits of introducing an app like Amazon Pay include,
An all-encompassing smart payment option
End-to-end encrypted payment facility
Revenue from various sources
Unparalleled user experience
Highly scalable according to evolving trends
Real-time analytics to make informed decisions
Summing up,
The success of Amazon Pay has fueled a sea of entrepreneurs to explore the flourishing digital payment services market. All you need to do is reach out to the right app development company, customize their Amazon Pay Clone script, and venture into the market right away.
