Smartphones have changed our lives. We’re now able to shop, bank, text and talk, all while out and about. They have become the ultimate accessory, whether you bling out your phone or keep it simple, both say a lot about you. The same used to be true of wallets, but believe it or not, the smartphone is revolutionizing that too – we are fast approaching the day when wallets could be a thing of the past.
How does the future of digital wallets look like?
We’re all familiar with mobile banking, and so the digital wallet already exists in a way, but it is constantly evolving. Have you gone into a store and swiped your phone at the cash register, never having to pull out your wallet? It’s pretty cool isn’t it? And because retailers are able to learn about us through our mobile phone usage and GPS, we’re anticipating the digital wallet to only become more personalized. They’ll be able to tell if you’re a new customer to the shop, or one of their most frequent – sending through the appropriate discount to help drive your sale. And think of all of the trees we could save by getting electronic receipts sent directly to our phones? Not to mention how handy it would be to reduce lines during peak shopping times, like Christmas – there’s no doubt swiping your card, printing the receipt and signing it is a faster method.
Of course Google is a key player in this game, with testing in the works for the Google Wallet. Visa and Mastercard are also leaders in this new area. Keep an eye out for new initiatives! As discussed, there are risks involved, so make sure you know everything there is to know about digital wallets.
Read up on this article: Mobile Money and visit the BullGuard blog regularly for more updates on the latest with mobile security.