As digital wallets become more prevalent, it’s not surprising that a growing number of retailers are embracing the trend to increase and facilitate more sales, according to Market News Updates (www.marketnewsupdates.com). Digital payments, through apps like Apple Pay, Venmo and Zelle, are faster, easier and generally more secure than some traditional payment methods.
Digital payments grew to about $721 billion in 2017, according to Experian. And the Global market is exploding at an impressive rate. Mobile payment transactions in China alone added up to more than $12.8 trillion last year, making it the world’s largest mobile payments market.
Now leading tech companies are accelerating efforts to tap into the market, with Google recently launching Google Pay in a move that rebrands and unifies its previous mobile payment apps as it rolls out new features and plays catch-up with Chinese payment services like WeChat Pay and Alipay.