The Impact of COVID on Digital Wallets

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With the arrival of Covid-19, the world had to reinvent itself and expand the scope of electronic payments to reach a wider audience, what became known as the impact of COVID on digital wallets.

A study pointed out by Visa  with focus in Latin America showed that, in response to COVID-19, consumer behavior has undergone a transformation in the world. 

Between January and March, only in Latin America and the Caribbean, 13 million consumers used their Visa card to make their first online transaction.

Another study also carried out by Visa in April 2020, focusing on the Latin American market, has shown that payment by approximation has grown by more than 50% in Latin America.

Especially in Costa Rica and Chile, and there have been considerable increases in Guatemala, Colombia and Paraguay, for example.

In Brazil, the increase in online payments was also pointed out by Visa with a great exponential growth.

 In addition to obtaining 7 million new users, who opted for the technology of approximation of payments on their Visa cards.

Many economies have been benefited from the impact of COVID-19 on digital wallets, some more than others.

Those who benefit from the impact of the COVID on digital wallets

All companies offering online payment and delivery solutions have benefited at least minimally during the pandemic.

Even many of these companies have grown so much that they promise to keep growing, even after the Covid-19 pandemic. Some of them, are:

Streaming products

The digital market, such as Netflix, Amazon Prime and other entertainment streaming platforms, had more members in the middle of the pandemic.

Games Platforms

According to an article published by CNN Brasil, game companies also profited from the quarantine.

Meanwhile, Activision Blizzard said that the game Call of Duty: Modern Warfare, obtained $ 1.52 billion in sales in the first quarter, an increase of 21%. 

On the other hand, Nintendo found that it had a 41% increase in its annual profit, the highest in nine years.

The impact of Pandemic ended up being very positive for the world of video games, as the quarantine provided more transactions in game purchases, increased the number of hours played and brought more players to the online gaming platforms.

Online sales of essential products

In addition to digital companies, other companies have been successful in their online sales, such as:

  • Market for cleaning products,
  • Food companies
  • Hygiene product companies
  • Hospital protection products companies

The trend of the digital market is to expand and maintain itself even after the pandemic, the digital wallets have had their moment of glory and take as a challenge to consolidate even after the Covid-19.

It will not be easy to overcome the growth caused by the impact of COVID on digital wallets, but the population’s interest in digital payment methods is seen with optimism for the future of digital wallets.

In this way, many payment technology solutions are being launched, mixing innovation and technology, so that people choose to keep using digital wallets.

Want to know what innovations are available for digital payments? Meet our solutions.

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