The quick adoption of digital technologies has allowed us to perform transactions online that are usually done in cash or at physical points of sale pushing innovation within the payment ecosystem. These new technologies include digital wallets (sometimes known as \u201csuperapps\u201d), which have grown exponentially during the last year, according to the report published by Colombia Fintech . Digital wallets provide multiple features that allow users to perform transactions with a single click directly from their cellphones, transforming traditional payment methods into a digital alternative. According to the report, there was a 195% increase in the use of digital wallets in Colombia last year, due to the ease of use these apps offer when it comes to financial transactions. The report also reported a 122% growth in the number of transactions and a 195% growth in transaction volume during the same period.<\/p>\n
Since these digital wallets were offer a new business model, which offers an advantage over other payment methods. Many businesses have already switched and adopted this solution as part of their service offering to increase the profitability of their operation. The solution offers identity verification, data storage, confidentiality, convenience, and efficiency together with a high level of security making it ideal for the financial service industry.<\/p>\n
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