Haven’t yet heard about digital wallets? I’ve got your back. Today I’m teaching you everything you need to know about Paysafe’s digital wallets, and how you can use them to streamline your life and make every payment faster and simpler.
Digital wallets are systems that securely store payment information and passwords for each user, so they can easily use them for numerous websites and payment methods. If you use a digital wallet, you can quickly complete your purchases by using near-field communications technology.
These wallets are used with mobile payment systems, meaning you can pay for purchases with your smartphone. You can also use them with digital coupons and to store your loyalty card information.
Digital wallets store all of your payment information securely, eliminating the need for you to actually carry around a physical wallet. The downside to consumers is a loss of privacy, but the upside is convenience, simplicity, and speed. Companies can also use the information about customers’ purchasing habits to market to them more effectively. This is also a plus for customers, since deals and discounts will be tailored directly to your purchase history.
One thing is for sure- digital wallets have a huge amount of potential. Right now, only 13% of smartphone owners actually have a digital wallet application, but in the US alone, we can expect mobile payments to increase to $503 billion by the year 2020. In the meantime, the UK, Belgium, Canada, France, the Netherlands, Singapore, and Sweden are already well on their way towards becoming cashless societies, with Brazil, India, Australia, and a large part of Africa also following suit.
While the technology is still relatively new, and many people have concerns about the limited number of compatible vendors and security issues, mobile payments and digital wallets will change not only how we will pay for goods and services, but they may potentially go beyond payments since they’re continually being evolved.
For customers, digital wallets can be a huge plus. No longer will you need to worry about carrying around your wallet. You also won’t need to worry if you forget your credit card, cash, or ID. All of that information will instead be stored on your smartphone. And while it can be easy to accidentally leave your wallet at home, most people wouldn’t dream of leaving the house without their phone.
Mobile payments and digital wallets are steering us towards a world which will be completely cashless, where payments will be made securely, conveniently, and quickly, with the simple tap of a button. But digital wallets are also going to make life easier in other ways- while we can transfer funds, we’ll also be able to use blockchain technology.
Do you use a digital wallet? Do you see yourself using them in the future? Leave a comment below and let me know what you think.