4 ways digital wallet businesses can increase retention
Deposits and top-ups into wallet-based apps and platforms continue to soar globally. In our latest guide, we’ve looked at ways wallet businesses can offer a more seamless payment experience.
A 2022 survey from McKinsey showed the share of consumers globally that intend to use three or more digital wallets in the coming years rose from 18% in 2021 to 30% in 2022.
In South Africa today, data from Discovery Bank shows that over 50% of online transactions are made using a digital wallet. The size of digital wallet transactions has also increased by 91% from 2019 levels.
In order to leverage digital wallets and wallet-based services, customers need the ability to easily connect payment methods and fiat accounts so they can deposit and withdraw funds to and from their local banks.
Today, wallet-based businesses in South Africa struggle to:
- Increase transaction + deposit volume
- Optimise the user journey and payments experience to reduce friction in deposits
- Securely enable easy, fast withdrawals
- Manage chargebacks and unsettled funds
Learn more about how wallet-based businesses in South Africa can optimise the payments experience and reduce friction at checkout to increase the volume and frequency of wallet-based deposits, and how Stitch can help finance teams better manage reconciliation in the backend.
