Is it true that digital wallet is replacing physical wallets? Why having digital wallet is better? In the past few years, tech giants- Apple, Google, and Samsung have introduced a new method to pay., Apple Pay, Android Pay and Samsung Pay are brought in the market to replace the physical wallet.
The millennials and the tech-savvy people are eagerly waiting for the day when leather wallets will be replaced. It will be convenient for consumers to use digital wallets. They don’t have to search for their credit cards in the pocket anymore. By just tapping their smartphone, they will be paying for everything.
Let’s look at how leather wallets are being replaced.
What is Digital Wallet?
The digital wallet is just like the leather wallet, it stores your valuable stuff. Usually, it stores things related to money like credit cards, debit cards, loyalty cards, etc. It is basically an electronic version of a physical wallet. The technologies that are used for digital wallets contains:
- Near field communication (NFC)
Digital Wallet Replacing Leather Wallet.
Are you wondering is it more practical? Is it more convenient? Digital wallets are available on smart devices that can easily be connected to the internet. It can store more information than that can be carried in a leather wallet.
Moreover, the digital wallets are linked with retail information like payment methods and applications. These allow the customers to get promotions, discounts and they can enter store loyalty programs. All of these can be redeemed at the store. So the need to carry wallets is reduced as customers can pay through mobile devices.
You might ask yourself how safe is digital wallet? This might surprise you but they are more secure than your physical wallet. When you make a payment using the mobile wallet, it does not use your credit card number. Instead, it uses a random number assigned to your cards, it is called a token. These tokens change with every transaction you make, so this eliminates the risk of duplicating them.
Hence, digital wallets are much safer than credit or debit cards. If your credit card is stolen, it can be used several times before it is canceled. On the other hand, if your phone is stolen, then you won’t worry about someone using your card. The reason is that the card number is not stored on your device. Every digital wallet either requires a password or biometric to pay.
Digital wallets eliminate the need to carry pictures in the wallet as you have plenty of new ones on your phone. Another thing that digital wallets eradicate is the need to carry receipts. Now you can have receipts emailed to you and then can be stored, and organized for recordkeeping. Imagine how much time one can save, come Tax Day!
So, we say hello to the Digital Wallet, and goodbye Leather Wallet- you served us well for long time. Adios!