People pay as the global economy develops. Once, money became sovereign, before credit and debit cards took their place. Now wireless and contactless payments give plastics a run for their money, along with cash.
In many countries around the world, buyers were quick to adopt alternative methods of payment, primarily fascinated by their security and convenience. Worldwide, but especially in countries such as India, Kenya and the Philippines, cashless systems such as Instant Payment Services (IMPS) and Unified Payment Interface (UPI) are proving to be a game-changer in the payment and remittance industry.
Through these systems, remitters can secure and easily transfer funds at a cheaper rate than traditional remittance channels such as banks or credit cards. Alternative payment methods operated by mobile phones and online portals are becoming increasingly common in developed countries, from ticket purchases and donation donations to eCommerce and phone ups.
a digital wallet ? A digital wallet is a software-based eCommerce transaction processing system. Laptops, tablets, or smartphones make online shopping easier using a digital wallet. In addition, individual user’s bank accounts are linked to their digital wallet. During withdrawal, user passwords are encrypted and securely checked within the digital wallet program.
The advent of cell phones broadened the possibilities of digital wallets. Digital wallets are also the solution for the millions of customers who shop at brick and mortar stores, as some require payment directly from a smartphone at the point of sale.
Why Digital Wallets Are Famous
The rapidly increasing use of smartphones has demonstrated that digital wallets are the way of the future. For many things, people are probably still dependent on your devices, from connecting with friends to updating your calendar. You can add money to the list with a mobile wallet — whether you are in the supermarket or shopping online.
Now you do not need to carry a lot of cash with you. All you have to do is press your smartphone into the payment receipt or search your mobile device to pay for the things you are buying. Due to this, you can ensure that you do not carry a bag of things going anywhere.
2. Increased Security
Losing a credit card ensures that you must call each issuer to cancel your payment, and then you will have a new one. It is stuck behind your biometrics or password.
3. Low cost
Digital wallets usually provide all the functionality for free. Nevertheless, some purchases may come with a flat fee, such as reloading a prepaid card from a different source, like a credit card, inside the pocket. Nevertheless, the ease and utility of a digital wallet will not cost anything extra for most purchases.
4. Quick Fund Transfer
Money wallet made it quick and easy to send and receive money. On top of that, it actually incurs no exchange fees when exchanged anywhere, anywhere, making it a preferred option.
1. In the
US near the Near Communications (NFC) payment , in 2016, NFC transfer was only registered for $ 75 billion in purchases. This number is expected to increase to $ 500 billion by 2020 with an increase of 40%. A report by a major credit card company stated, “29% of Americans currently make low weekly cash purchases, using a percentage of things that have fallen from 24 to 18% since 2015.”
NFC-enabled telephones interact via radio frequency recognition in proximity through NFC card machines. To transfer information that is money, these mobile phones are not necessary to touch the point of sale. We need to reach it, although it is only a few centimeters from the terminal.
2. Biometric authorization
Biometric technology such as fingerprint, ear, or iris scan makes mobile payments more secure, as well as providing an extra layer of security, while also eliminating the need to remember passwords. According to industry estimates, by 2021 there will be more than 18 billion biometric transactions every year.
Biometric security including Apple Pay and Android Pay has been used in digital payments. It is now clear that this pattern will have its place in future and ongoing development projects for eWallet devices. Now biometric authentication method is becoming popular all over the world. Payment systems now switch to innovative methods.
3. Automated Regular Transactions In the
last 3 to 5 years, Artificial Intelligence (AI) is rapidly improving and making its way to one of the major emerging technologies. Therefore, AI can now easily handle daily customer interactions.