The Future arrives as Digital Wallets

Humans have made technological advances in thepast few years which they never expected to crossfor a very long time. The discovery of the Digital Wallet marks one such milestone in those technological advances that can reshape the way we live in every facet of life.

A Digital Wallet is an electronic device which allows a person to perform commerce transactions digitally. It can be used as multipurpose wallet from making payments to receive payments and buying stocks and trading etc.A Digital Wallet is based on a software dealing with the security and encryption of personal data and the information component which handles the wallet owner’s personal information that is to be released. These Wallets can be linked through your smartphones and even your traditional bank accounts to be operational. Many companies have started to adapt for this revolutionary technology and are only trading in payments over digital as they conceive it as superior and much convenient over its predecessors.

Digital Wallets become popular:

Digital Wallets have already gained popularity in developed countries of Europe and America and is still spreading. It has also been claimed that these Wallets will eventually replace physical wallets. A Digital Wallet got more credentials as NFC (near field communication) came into the limelight as it made transactions to the buyer and seller sidemore convenient than just a few clicks away. Almost all online stores are compatible with the digital and are free of any other charges too. No length forms to fill out for any particular transaction and easy to use facility caused a widespread gain in popularity for among its alternatives. Mobile payments are destined to be the key component of the revolutionary and stake holders need to be aware of this emerging market. Battles for the leading market shares have already been started.

Digital Wallets in use:

In Europe, many School Fees are being collected and paid through digital wallets. Almost all NGOs opted for wallets too as a means of receiving donations easily from across the world as it was more convenient than ever. Many Multinational companies started accepting payments and transactions in as it costs lessthan the traditional cash or plastic card transactions. Many Hotels and Country Clubs also started widely accepting digital wallet transaction as part of their facility to their customers. A Digital Wallet is being referred to as the successor of the traditional cash money and plastic cards as they charge less for this service.

The Decline:

After the poor performance of Google’s Wallet in the late 2011 as it demanded personal information for transactions, Digital Wallet lost its heritage among the market. Lack of NFC terminals across the world due to its costly maintenance has kept in a setback. But with the recent launch of Apple Pay, Digital are once again into the limelight. Apple Pay offers the answers to the questions about its insecurity which were raised as compared to its traditional alternatives of plastic cards and cash money. Lack of universal technology standards and poor user experience has led stakeholders to lose interest and hence their investment in the field of Digital Wallet. This resulted in a very limited adoption and growth of these wallets in the contemporary world.

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