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Digital wallets are one of a number of recent disruptors to the payments space. With the recent announcements from a number of high-profile technology companies declaring their involvement within the mobile wallet, attention has been drawn back to a market that had previously been less than sensational. While such announcements have increased interest in the space these technology companies are far from the only players.
The adoption of NFC is gradually beginning to grow; however, digital wallets are supported by a range of different technologies and payment methods including QR codes, carrier billing, and the ability to pre-pay, with each being adopted diversely by various providers and within different regions.
Some digital wallets are also working to augment the payment process via the incorporation of additional services, the most popular of which are loyalty schemes but also include the ability to store tickets, view receipts, and facilitate P2P payments, among others.