Employee Expense Management
Usage Statistic:
Digital wallet solutions are redefining how businesses manage employee expenses. By allowing employees to capture, store, and submit expenses digitally, companies benefit from streamlined processes and quicker reimbursements.
According to a survey by AppZen, companies using digital wallet apps for employee expense management experience a 37% reduction in expense report creation time.
Loyalty Programs and Rewards
Usage Statistic:
Digital wallets have made loyalty programs more accessible and engaging. Businesses can create, manage, and track customer loyalty, fostering brand loyalty and repeat business.
A survey by Bond Brand Loyalty found that 81% of consumers are more likely to continue doing business with brands that offer loyalty programs.
Micropayments
Usage Statistic:
Digital wallet platforms have unlocked the potential of micropayments, allowing businesses to charge small fees for premium content or services. This growing market highlights the convenience and revenue potential.
A study by Statista reveals that global micropayments for digital and physical goods are projected to exceed $164 billion by 2024.
Smart Vending Machines
Usage Statistic:
Integrating digital wallet payments with smart vending machines has enhanced user experiences and expanded revenue opportunities for businesses. This market’s projected growth reflects the convenience and popularity of this solution.
The global smart vending machine market is expected to reach $11.15 billion by 2027, according to Grand View Research.
Donations and Charitable Giving
Nonprofits and charities are embracing digital wallets to facilitate donations. The growth in online giving, especially through mobile devices, underscores the effectiveness of digital wallet platform in simplifying donations and increasing funding for charitable causes.
Usage Statistic:
The Charitable Giving Report by Blackbaud revealed that online giving increased by 21% in 2020, with mobile devices accounting for 24% of all online donations.
Digital Identity Verification
One of the most sought-after digital wallet features that acts as a consumer magnet is they serving as secure repositories for digital identity, offering an innovative approach to identity verification. This statistic emphasizes the importance of identity verification in industries where security and compliance are paramount.
Usage Statistic:
A study by Experian found that 90% of organizations believe that identity verification is essential for their digital business processes.
Event Ticketing and Access Control
Digital wallet solutions have simplified event ticketing and access control. The projected growth in the ticketing market, partly driven by mobile ticketing, highlights the advantages of using digital wallets to enhance event experiences.
Usage Statistic:
According to Statista, the global ticketing market is projected to reach $67.2 billion by 2026, with mobile ticketing contributing to its growth.
Peer-to-Peer (P2P) Lending
Digital wallets are facilitating peer-to-peer lending, connecting borrowers and lenders through specialized platforms. The expected growth in transaction value reflects the increasing popularity and potential of this unique business use-case.
Usage Statistic:
A study by Statista showed that the total transaction value in the P2P lending segment is expected to reach over $1 trillion by 2024.
Subscription Services
Digital wallets simplify subscription management for both businesses and customers. The significant revenue growth observed in subscription-based companies underlines the viability of digital wallets in this context.
Usage Statistic:
A survey by Zuora found that subscription-based companies grow revenues nearly five times faster than S&P 500 company revenues (18.2% versus 3.6% over the last 7.5 years).
Car Payment Services
Digital wallet platforms are becoming the part of new-edge use-case called pay directly from car. As per official report: Mercedes-Benz Mobility has integrated Mercedes pay’s in-house digital ePayment platform into a large number of applications of the Mercedes-Benz Group. The wallet platform supports in-car payments and payment processing via their own web shops. This will open new opportunities for car companies to enable digital wallets into their cars.
The Conclusion
Digital wallets are no longer confined to personal transactions; they are versatile tools that can revolutionize various aspects of business operations. The same is evident in the McKinsey report which says between 2022 and 2027, global payments revenues are expected to grow by a compound annual growth rate of 7% to reach US$3.2 trillion.
Supported by compelling usage statistics and reference links, these unique business use-cases highlight the transformative impact of digital wallets. As businesses continue to innovate, digital wallets will play an increasingly crucial role in reshaping the business landscape.
