DIGITAL PAYMENTS
They are also easy to open , and convenient to use , since customers don ' t have the additional responsibility of carrying around payment cards . Additionally , they are very handy for international travellers , since they are not attached to a specific country or location .
Essentially , e-wallets are the natural evolution of the digital payments space . According to Brad Hyett , CEO of phos – a UK-based fintech that specialises in Point of Sale ( PoS ) innovations for merchants – contactless payments have provided an easy , convenient , and safe way to pay for goods in store .
He says : “ As contactless payments become more popular , the finance industry must step up to the challenge of ensuring that merchants are equipped with the right payment solutions to accept payments in a secure , efficient and simple manner .
“ Contactless payments increased by 12 % in 2020 , spurred on by consumers looking to mitigate their use of cash to prevent the spread of COVID-19 and the demand for convenience ; the simplicity of contactless card or e-wallet payments have proven to be the preferred option .”
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