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If you’ve ever dropped a wad of cash digging for your keys, you know how terribly vulnerable carrying around larg...
If you’ve ever dropped a wad of cash digging for your keys, you know how terribly vulnerable carrying around large quantities of money can make you. For a long time the solution was credit cards. Recently though, mobile digital wallets have presented an alternative which merges two of today’s essentials: smartphones and digital money.
Let’s take a look at the things you need to know about mobile digital wallets.
Mobile digital wallets are basically applications that use the Internet capability of smartphones to allow users to transfer money, pay for purchases, earn loyalty points, and input discount coupons online. You can even keep a running balance of your bank account, update credit card transactions, and find establishments that will accept these digital payments. They are secure, convenient, and practical. Not to mention, they spare you the hassle of lugging around a stuffed wallet.
There are three major service providers that make mobile digital wallets a realistic alternative to cash, credit cards, and the like. These are (surprise, surprise!) PayPal, Google Wallet and Apple Passbook. Generally, all that’s required is the installation of the app, linking it to a bank or credit card account, and then a simple tap or wave at the checkout counter in participating establishments.
And don’t worry too much about having your digital wallet stolen by cyber pirates. They’re usually password encrypted and GPS enabled to improve security.
The biggest challenge for mobile digital wallet service providers and their customers is on the merchant side. There aren’t currently that many establishments that are equipped with the Near Field Communication (NFC) technology required to accept mobile digital wallet transactions, though the number is steadily increasing. It would be a good idea to get on board with this development, as it is only a matter of time before it is the only way to transact. The only question is, which provider will dominate?