The financial world has changed rapidly in the last few years. People have shown an increased interest in cryptocurrency and convenient payment methods in their everyday life. In this article, we’ll look at why people use digital wallets and whether they’re flooding the international arena.
What’s a Digital Wallet?
Digital wallets are exactly what they sound like – a digital representation of your wallet. In a bit more detail, they’re an application that stores your financial information and details. It allows electronic payments using devices such as your phone or smartwatch. It’s increasingly popular to use these methods when making online payments. It’s especially popular when playing games like blackjack at online casinos.
The History Behind Digital Wallets
Many think that digital wallets are recent inventions, but they date back to the early days of the Internet. The first online purchase was a CD in 1994, and in 1999, PayPal became the first official digital wallet and is still one of the most popular apps globally. 
Mexico and Germany use PayPal more than the US, as Google Pay and Apple Pay are becoming increasingly popular in the US. In 2003, Alipay was introduced in the Chinese market, and a revolution began in the country’s approach to payments.
Further, in 2009, cryptocurrency was first introduced through the decentralized digital currency Bitcoin. As cryptos became more popular, the idea of using digital wallets also grew. In recent years, more and more people have been looking for contactless payment methods. However, that’s not the only reason the global arena loves these e-wallets. There are several other benefits.
Benefits of Digital Wallets
Before we explore the growth of e-wallets, we look at what benefits come with using an e-wallet.
Security
Over the years, companies have improved e-wallets to the point where they are some of the most secure apps. State-of-the-art encryption and firewall technologies are used to protect your payment details. In many ways, it’s more secure than using a physical card. You don’t need to share your card/bank details with a merchant, and you can easily lock your account for further protection.
Convenience
One of the driving factors in the increased adoption of e-wallets is its convenience. You can store multiple payment methods and cards in one app. Further, you always have a method of payment with you, as people rarely go anywhere without their smartphones.
Lastly, it’s less to carry with you, so it lightens your load and streamlines purchases all in one. With more merchants accepting e-wallets and crypto payments, like at Stake Casino, it’s becoming more convenient to use these applications.
Online Rewards
Since there are hundreds of different e-wallets available, many of them are starting to implement online rewards to attract users. As such, by using these applications, you can receive loyalty rewards, discounts, and cashback credit. These digital wallets also partner with specific vendors. As such, you can get increased rewards when purchasing products or services from those vendors.
The Trend of Using Digital Wallets
Several market trends have caused more users to switch to digital wallets over physical ones. From 2021 to 2023, there’s been a 10% increase in users who consolidate their payment methods to one e-wallet. Further, more companies are inventing their own e-wallets, which gives users more options. However, how many countries are fully adopting e-wallets?
Which Countries Adopt This Trend the Most?
E-wallets have increased the average user’s spending. Most e-wallet purchases have an average retail price of $95, while physical methods average around $81. In 2023, statistics showed that about 50% of global e-commerce spending is contributed to e-wallets, while about 30% of POS global spending is from e-wallets.
China is currently the country that has adopted e-wallets the most, with 1.2 billion users, which is an 8% increase from when it was last measured. India follows with 732 million users, while the US comes in third with 224 million users.
Globally, there are estimated to be around 4.3 billion users, which is a 36% increase in the adoption of digital wallets. This study also expects the number of users to increase another 35% in the next five years to reach 5.8 billion users by 2029.
Increased Use of E-Wallets at Casinos
Maybe part of the increased use of e-wallets can be attributed to online casinos wholly adopting these payment methods. While Visa and Mastercard are still frequently found at online casinos, e-wallets like PayPal, MuchBetter, MiFinity, Neteller, and Skrill are much more common payment methods.
It protects the players’ payment details, as they don’t need to provide card or bank details to casino operators. It’s also a fast way of depositing and starting to play your favorite games, like slots, poker, roulette, and blackjack titles.
The Global Proliferation of Digital Wallets
Digital wallets have been fully embraced by Western and Eastern countries, leading them to become a global sensation. Countries like Indonesia, Nigeria, Japan, Brazil, Russia, and Pakistan are some of the other countries that have completely adopted e-wallets. 
Studies predict that by 2027, digital wallets will encompass more than 49% of the global transaction value (e-commerce and POS combined). As such, we can confidently say that e-wallets are indeed a major player in the global arena.
FAQs
If you have a few more questions about how you can use e-wallets to play blackjack, then check out these FAQs.
How do I play blackjack at home?
You can use online casinos, as these websites typically accept several e-wallets as payment methods.
How many decks are in online blackjack?
When you start playing online blackjack, you’ll soon find that while there are the usual six to eight decks, some variations can have one to eight decks.
When do I split in blackjack?
You can split pairs in blackjack but only split Aces and eights, never tens, fours, or fives. You can split the other numbers depending on the dealer’s hand.
Can I use Apple Pay to play blackjack?
Yes, quite a few online casinos accept Apple Pay, which means you can play blackjack using these funds.
Can I withdraw blackjack winnings to my e-wallet?
Yes, just as you can deposit using e-wallets, you can also withdraw to them, and they typically have faster withdrawal times than cards or bank transfers.
