Stripe also debuted around the same time, which made online payment processing that much simpler and faster.Ģ0 were predominantly the age of merchant wallets, with businesses like Starbucks, Wendy’s, and Dunkin’ Donuts coming up with their individual wallets.Ģ012 also saw the creation the Merchant Customer Exchange (MCX) consortium of the largest retail companies in the US.They would go on to soft launch the multi-merchant mobile payment system, CurrentC in 2015.Īpple Pay set sail in 2014. They brought about the Near Field Communication (NFC) wallet, where the mobile network operators (MNOs) securely stored the payment credentials. Softcard (ISIS) was launched by the telco trifecta AT&T, Verizon, and T-Mobile in 2010. ![]() (PayPal was launched as early as 1998, so we’re skipping it in this timeline). It all started in 2007, where the then-startups like Klarna, Adyen, and Braintree were founded, to enable in-app payments, bring down friction, and enhance customer experience. While open e-wallets support different payment methods and can be accepted by any merchant (eg., PayPal, Apple Pay, etc.), closed e-wallets are meant for a specific payment method and can be used only by specific merchants (eg., Walmart Pay, Starbucks Card, etc.) E-wallets Scene in the USA: So how did digital wallets/e-wallets land here? And as a business/merchant what to expect in the US, Europe, and Asia?Į-wallets/Digital wallets are the online counterparts of your physical wallets, where you can store credentials - both payment-related (card details, bank account details, etc), as well as non-payment-related (tickets, loyalty cards, etc) - that will enable you to carry out online and/or offline transactions. And they’ve predicted that it would take at least another 2 years for them to hit mainstream adoption. Gartner has pegged Digital Wallets in the pre-trough spot, with a market penetration of 5% – 20% of the target audience and at an adolescent stage of maturity. The final stage for the technology is its mainstream adoption, where its relevance and usefulness bring forth tangible results. In time, the benefits of the said technology begin to shape up, second and third generation products show up, the market reception improves, and the technology climbs up the Slope of Enlightenment. The trough is essentially the toughest phase for a technology to be in, where only a small fraction of the market have adopted the technology (the early adopters), implementations don’t meet the mark, and many makers tumble and fall. Possess and transact up to 11 currencies.The Gartner’s Hype Cycle graphically shows where a specific technology stands in terms of adoption and maturity and how it will evolve over time.Īnd this is how the Hype Cycle for Digital Commerce, 2017 looks like:įor now, zoom your focus in on the “Trough of Disillusionment” zone, and you’ll find “Digital Wallets” waving at you while sliding into the trough.Available for free on Apple Store and Google Play.There are 11 currencies available in the PPG eWallet. You will be able to perform pay-in and pay-out transactions from your eWallet, such as topping up and withdrawing from your eWallet, eWallet-to-eWallet transfers and bank transfers. Once you have registered and created a PPG eWallet account, you can make payments faster and with less typing. Use the eWallet as your salary banking accountĪn eWallet allows you to store multiple credit card and bank account numbers in a secure environment, and eliminate the need to enter in account information when making your payment.The eWallet set-up is in a very user-friendly and interactive layout, and a variety of payment services are available on the platform, including: Verification is straightforward and requires only your ID and recent proof of address. However, there will be limits to the maximum transaction amount until your account has been verified. We issue the PPG eWallet account instantly to the customer once they have successfully signed up. As we do not offer loans and credits, we do not perform any kind of credit history check. The sign-up process is done within a few minutes. FSP585648) authorised by the Ministry of Business, Innovation and Employment of New Zealand to carry on electronic money services activities under the financial service Providers (Registration and Dispute Resolution) Act of 2008. PPG is a Licensed Financial Service Provider (FSP No.
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