How Digital Wallets have changed the entertainment industry?
Virtual transactions have gained popularity over time. The pandemic contributed significantly to accelerating the ongoing contactless transaction process. This trend has spread so fast in the past years that it is quite odd nowadays to use plastic credit or debit cards to pay for objects or services.
The development of digital wallets (also known as e-wallets) has contributed significantly to the popularization of contactless transactions. According to Wikipedia, a digital wallet “is an electronic device, software program or online service that allows one party to make electronic transactions with another party bartering digital currency units for goods or services.”
If some time ago e-wallets were just a small phenomenon, nowadays they are almost dominating the market, with many companies offering the service and more and more users opting for it.
According to the site of The Financial Brand, “by 2025 digital wallets use will account for just over half (52,5%) of e-commerce transaction value worldwide”. This means that three years ahead, most virtual transactions will be done through e-wallets.
Mass use of smartphones
One factor that has definitely contributed to the growth of e-wallets is the mass use of smartphones.
E-wallets are mostly stored in smartphones, providing a fast and simple way for users to manage transactions of all kinds.
Thus, since almost every adult has a smartphone, it is becoming increasingly common to use it to manage payments through digital wallet services.
The impact of e-wallets on the entertainment industry
Most e-wallets provide a good customer experience. That is one of the main reasons why they have spread so fast in the past years.
But also, digital wallets’ impact on the economy is massive. Many entertainment businesses have adapted to work with e-wallets because they are convenient.
For instance, it is common to find online casinos that accept cash app. This new feature makes online casinos more attractive for customers who prefer not to use their credit or debit cards when gambling and enjoy a more anonymous banking method.
Also, most e-wallets work with cryptocurrencies, which is a great way to solve the issue of using Bitcoin or any other crypto as a currency.
Online casinos have quickly understood the many benefits of allowing their customers to fund their accounts through e-wallet services. Thus, nowadays, almost every online casino site or application takes digital wallet services at no cost.
Moreover, digital wallets are usually faster than credit or debit cards. So, many gamblers prefer to use them and avoid waiting for days to collect their winnings.
In countries like China, where digital wallets are massive, the positive impact on the economy is already visible.
Digital wallets have contributed to increasing transactions and the consumption of goods and services. This applies to all industries but especially to the entertainment business, where the digitalization of payment infrastructure is still ongoing.
But with e-wallets, you can easily buy a coffee from an artist you like or support a cultural project you are interested in by performing some basic and rapid steps with your smartphone.
Completely new ways of funding have appeared and are transforming the entertainment business. For instance, nowadays, cultural project has more options to get funds. It is not all about advertising. A whole new payment infrastructure was created through digital wallets, and the impact of new ways of making payments is opening new opportunities.
Even though, it is still too soon to predict where digital wallets will take us and how they will impact the entertainment business, we are definitely in a context where huge transformations are possible.
To conclude, e-wallets use is increasing significantly, prompting changes in all sectors of the economy, especially in those still working on developing an electronic infrastructure, such as the entertainment business. Thus, new ways of consuming art or artistic events have been created, opening several industry opportunities to explore.
Joss is an online casino enthusiast with years in content creation. His favorite topic is crypto casinos. Joss’s work has been published on many online gambling sites. You can find his content at Safest Betting Sites.
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