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The growth of digital wallet is a global trend | Korapay

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Over the years, the FinTech industry has seen consistent innovations that not only make it fit for present-day users but also makes it a lot easier to access traditional services that once required a bank visit. This FinTech Era has brought to consumers real-time 24/7 access to financial services via mobile banking, digital wallets and virtual cards. As the fintech industry grows, some of these services — mobile banking, digital wallets — have branched out.

In this article, we will be looking at digital wallets, what it means and it’s growth globally. Along with that, how the growth of digital payments is synchronous with digital wallets and incentives that make digital wallets lucrative.

Also Read Cycles, Nigeria’s No.1 Bike-Sharing Platform Achieving The United Nations SDG Goal 11 – Damilola Soladoye

First, what are digital wallets? According to Investopedia, — A digital wallet is a system that securely stores users’ payment information and passwords for numerous payment methods and websites. Common examples include Apple Pay, Google Pay, Samsung Pay, and PayPal. These platforms are being used to a great extent across the world. The growth of digital wallets is not segmented to a part of the world, no! It is a global trend. Millions of mobile users make a transaction every day with their smartphones. In the United States alone, 57 percent of users (which amounts to 60 million people) have used a mobile wallet at least once & as of 2016, PayPal has 600 000 users in Sub-Saharan Africa.

A key reason behind the rampant growth of digital wallets across the world is the ability to have one platform that makes all your transactions easier and faster as you don’t need to input your details every single time. Because of the quick transaction facility that digital wallets allow, it has been able to become one of the most used elements of the FinTech Industry. The rise in digital transactions is then another trigger issue which has resulted in the growth of digital wallets. Capgemini’s World Payments Report 2018 reveals that within 2015– 2016 the volumes of non-cash transactions have touched 482.6 billion and are expected to develop by 12.7% by 2021. Digital payments as an industry are anticipated to grow at a yearly rate of 18% between 2018–2023.

Of course, there are difficulties in the adoption of digital wallets. Most grown-up customers have not fully adopted digital payment practices, and changing from a traditional purse to a digital one will take some time. A lot of consumers have still not seen the need to change their payment behaviors, although most people would be inclined to switch if the new payment method would shorten the checkout procedure and if offered incentives as research has shown that discounts, rewards, and coupons could get customers to switch their payment type over to mobile wallets.

 

Written by

Steve Onwuka | Community Manager at Korapay: a cross border remittance platform focused on reducing the cost of money transfer and increasing its speed into and within Africa. Korapay allows individuals in the United States to send money within minutes to the bank account of anyone in Nigeria.

 

Technology

LG’s Brand Reinvention: A Global Success Story

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LG Electronics (LG) has made significant strides in the global market with its innovative brand strategies, earning its place as a top global brand.

On October 10, LG was ranked 97th with a brand value of approximately USD 6.5 billion in the Best Global Brands 2024 report by global brand consulting firm Interbrand.

Interbrand’s evaluation of the Best Global Brands assesses brand value through a comprehensive analysis of a company’s financial performance, role of brand and brand strength. Factors such as direction, engagement and relevance are considered. As a pioneer in the industry, Interbrand’s ISO-certified evaluation criteria are widely regarded as the most reliable methodology in branding and marketing.

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LG’s brand value has surged, reflecting significant improvements in both business and brand competitiveness compared to the previous year. LG’s brand value increased by a substantial 38.7 percent year-over-year, receiving high scores in the categories of role of brand and brand strength.

Interbrand attributes this positive assessment to LG’s clear vision as a Smart Life Solution Company and its sustained growth through the exploration of new opportunities. The company has also adapted its brand strategies to ensure consistent customer engagement across diverse regions and generations, utilizing communication methods that resonate with audiences both online and offline.

In July of last year, LG unveiled its vision to evolve into a “Smart Life Solution Company,” enhancing customer experiences across various environments, including homes, commercial spaces, mobility and virtual realms. Since embarking on its transformation, LG’s brand value has skyrocketed. From approximately USD 3.1 billion in 2022, it has more than doubled to about USD 6.5 billion in 2024.

Interbrand has also praised LG’s “Brand Reinvent” initiative, which aims to establish LG as a youthful and dynamic brand that resonates with customers across generations and regions.

To achieve this, LG has unified its brand message under the brand promise of “Life’s Good,” ensuring it is embraced by all organizations globally and integrated into every customer touch point of brand experience. This includes redefining its brand identity and visual expression. “Life’s Good” encapsulates the brand’s mission to help everyone savor life’s precious moments through its products, services and communications. In the digital realm, the brand symbol “Face of the Future” engages customers with a friendly smile and wink, fostering a sense of connection through various digital expressions.

In addition, LG is launching brand campaigns and pop-up events that invite future customers, particularly Generation Z, to engage both online and offline.

The global campaign “Optimism your feed” aims to spread positivity through online algorithms, encouraging a better life with an optimistic outlook. This initiative garnered significant attention, amassing over 1.8 billion views within two months of its launch on platforms like YouTube and TikTok.

Moreover, LG is going to keep enhancing its engagement with Generation Z by creating offline customer experience spaces that reflect young customers’ interests, such as lifestyle, games and music.

LG has previously been recognized as one of the top 100 global brands for three consecutive years from 2005 to 2007.

“We are transforming from a leading home appliance and consumer electronics company into a Smart Life Solution Company. As part of this transformation, we’ve initiated our brand reinvention based on our long-standing promise, ‘Life’s Good,'” said William Cho, CEO of LG Electronics. “At this historical moment of business transformation, we are proud to be recognized as one of the top 100 global brands, a testament to our strong brand presence and growth potential.”

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LG WashTower: A high-performance, space-saving laundry solution designed for today’s urban households

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As global demand grows for sustainable living, energy efficiency, and minimalist design, companies are reshaping their product offerings to stay competitive and meet consumer expectations. At the forefront of this shift in the home appliance market is LG Electronics with its cutting-edge WashTower – a high-performance, space-saving laundry solution designed for today’s urban households.

Boasting advanced features, large capacities, and innovative technology, the WashTower is more than just a washer-dryer combo – it’s a game changer for those seeking efficiency, smart connectivity, and excellent cleaning performance.

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Ideal for compact spaces, the LG WashTower’s slim, vertical design fits seamlessly into small laundry rooms or closets without sacrificing performance. Standing at 1655mm tall and 600mm wide, it offers ample capacity—13kg in the washer and 10kg in the dryer – perfect for large loads like bedding or towels, all while saving valuable floor space.

The 2024 LG WashTower™ is a revolutionary solution that aligns perfectly with Nigeria’s vision for modern, sustainable living,” said Oktae Kim, Product Director, Home Appliance Division, LG Electronics Nigeria. “Its space-saving design and advanced features cater to the unique needs of our customers in the country, setting a new benchmark for laundry care.”

Unlike traditional stacked units with controls in hard-to-reach places, the LG WashTower™ introduces an all-in-one control panel designed to simplify laundry care. With the TurboWash 360, DUAL Inverter Heat Pump™ Dryer, Auto Cleaning Condenser, and LG ThinQ™ connectivity, the WashTower™ enhances functionality and convenience, meeting the demands of modern, fast-paced lifestyles.

Some of its most impressive features include:

Built-in Intelligence Takes Out the Guesswork

When it comes to doing laundry, one out of two consumers default to the Normal Cycle on their washers and dryers because they simply don’t know which to choose. LG WashTower takes out the guesswork with built-in intelligence that uses sensors to detect fabric texture and load size, and then automatically selects the right wash motions, temperatures, and more for precision fabric care. 

And it gets smarter: WashTower will even learn your preferred settings. Simply activate Smart Learner in the LG ThinQ® app, and it will remember your ideal wash temperature, spin speed, or dry level. With Smart Pairing™, the washer can even tell the dryer the right compatible drying cycle, making LG WashTower the ultimate laundry hack.

Help Remove Allergens in Fabrics 

LG washers are the industry’s first to be CERTIFIED asthma & allergy friendly® by the Asthma and Allergy Foundation of America. The Allergens™ wash cycle goes beyond everyday cleaning, using the gentle power of steam to remove common household allergens in fabrics by more than 95 percent. In addition, LG TurboSteam™ technology in the dryer helps sanitize and refresh clothes in between washes as well as children’s toys, decorative pillows and more.

Exceptional Cleaning and Drying Performance

With steam function in the washer and heat pump in the dryer, the WashTower effectively sanitizes clothes and removes wrinkles, which is a boon for those with allergies or sensitive skin. Its durable, never-rust stainless steel drum ensures long-lasting reliability, and the absence of an agitator means it’s gentle on delicate fabrics. The dryer starts to preheat before the end of washing, so drying takes less time. With the Dual Inverter Heat Pump™, an energy-saving way to dry, the dual cylinders allow for faster drying and energy saving.

Laundry Made Better – for You and the Planet

Designed with energy efficiency in mind, the LG WashTower includes energy monitoring capabilities, helping consumers save money while helping the planet. ENERGY STAR certified washers and dryers use 25 percent less energy and 33 percent less water than traditional models.

Verdict: A Smart, Stylish Choice

The LG WashTower stands as a top contender in the world of washer-dryer combos, offering a perfect blend of technology, performance, and space-saving design. With no drawbacks, the WashTower’s overall functionality, energy efficiency, and convenience make it a strong choice for families and individuals alike.

If you’re looking for a washer-dryer combo that combines smart technology with stylish design, the LG Wash Tower is a reliable, high-performing option.

The LG WashTower™ strengthens LG’s position as a leading innovator in the home appliance sector. With its cutting-edge technology and user-friendly interface demonstrates LG’s dedication to shaping the future of home appliances. It’s more than just a product – it’s a testament to LG’s vision of bringing convenience, efficiency, and sustainability into every home.

For more information or to purchase the LG WashTower, visit https://www.lg.com/africa/washing-machines/lg-wt1310rh

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Technology

LG InstaView Refrigerator built to deliver Freshness, Hygiene, and Health

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The launch of the LG InstaView refrigerator introduced a new era in home refrigeration, combining advanced technology, exceptional energy efficiency, and unmatched convenience to transform how households interact with their appliances. The LG InstaView Door-in-Door™ Refrigerator does more than just keep food fresh. It’s a perfect mix of modern technology and everyday usefulness, taking cooking to a whole new level of sophistication and ease.

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“At the core of the LG InstaView Refrigerator is the Inverter Linear Compressor, a ground-breaking technology that delivers remarkable energy efficiency,” says Oktae Kim, Product Director, Home Appliance Division, LG Electronics Nigeria. By adapting its cooling power to the refrigerator’s needs, this compressor minimizes power consumption, helping reduce energy bills while also contributing to a quieter kitchen. For long-term peace of mind, LG offers a 10-year warranty on the compressor, reinforcing its durability and reliability.

“One of the standout features of this fridge is the InstaView Door-in-Door™ technology. With just two knocks on the sleek glass panel, you can see inside the fridge without opening the door, helping preserve cold air and keeping your food fresher for longer. This not only adds a touch of modern elegance but also helps reduce energy consumption by limiting unnecessary door openings” he noted.

Some other key features in the LG InstaView Door-in-Door™ Refrigerator include;

A New Level of Convenience: Door-in-Door™ Access

The Door-in-Door™ compartment offers even greater convenience by allowing easy access to frequently used items like drinks and snacks. Instead of rummaging through the entire fridge, you can grab your essentials quickly and effortlessly. This feature also limits cold air loss, making it both a time-saver and an energy-efficient solution for busy households.

Purified Hydration: UVnano® Water Dispenser

Staying hydrated has never been more convenient or hygienic. The UVnano® water dispenser uses UV light to eliminate up to 99.999% of bacteria from the water outlet, ensuring that every sip is clean and safe. The self-cleaning cycle can be activated automatically or manually, making this feature both functional and reassuring for users who prioritize health.

Hygiene Fresh+™: A Breath of Fresh Air

Maintaining an odour-free refrigerator has never been easier thanks to Hygiene Fresh+™ technology. This system actively removes bacteria and unpleasant smells, circulating clean air throughout the fridge. With a 99.999% bacteria removal rate, your food remains fresh and healthy, while the built-in deodorization feature ensures that strong odour, like leftovers, never linger.

 

Even Cooling Every Time: DoorCooling+™ Technology

No more worrying about uneven cooling inside your fridge. The DoorCooling+™ feature ensures that every inch of the refrigerator is consistently cooled by placing air vents at the front of the appliance. This technology helps food stay fresh and evenly chilled, even in the door compartments, enhancing the quality and shelf life of your groceries.

Smart Control with ThinQ™ Technology

In the age of smart homes, LG takes convenience one step further with ThinQ™ technology. This feature allows users to control and monitor the refrigerator from their smartphones, whether at home or on the go. With just a few taps, you can adjust the temperature, activate Hygiene Fresh+™, or even diagnose potential issues, making maintenance and operation effortless.

Proven Benefits: Energy Savings, Convenience, and Hygiene

When it comes to pros, the LG InstaView Refrigerator excels in several areas. Its energy efficiency through the Smart Inverter Compressor and InstaView technology helps reduce environmental impact while cutting down on household energy bills. The convenience provided by the Door-in-Door™ feature, combined with the peace of mind from UVnano® and Hygiene Fresh+™ technologies, ensures that families have access to fresh, clean, and organized food storage.

Verdict

The LG InstaView refrigerator is a perfect blend of advanced technology, innovative design, and health-conscious features. From linear cooling that keeps food fresh to the Hygiene Fresh+ filtration system that ensures a clean storage environment, this fridge has everything you need for modern food preservation. Add to that the convenience of the Knock-Knock feature and the health benefits of UVnano, you have a refrigerator that truly stands out.

If you’re looking for a premium appliance that delivers freshness, hygiene, and style, the LG InstaView refrigerator is a worthy investment.

The LG InstaView Door-in-Door™ Refrigerator is available across Fouani showrooms and Dealer stores Nationwide.  It’s a must-have for modern kitchens thanks to its many useful features.

For more information about the LG InstaView Refrigerator, visit https://www.lg.com/africa/instaview-door-in-door-refrigerators

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