Love them or hate them? There seems to be much debate about the electronic wallet. We’ll take a closer look at why the digital wallet really does make life easier and how you can accept payments from clients, friends, or family.
Smartphones have evolved so much over the years to a point where they have actually replaced things that we grew up with, such as the bedside alarm clock, music players, voice recorders, cameras, video cameras, and even musical instruments. The list goes on and on, and it seems that very soon, we’ll add cash and wallets to that list as everything becomes more digital-based. It’s a natural progression if you consider how payment methods have been morphing through various channels over the years (ex. From cash to cheques, credit cards to debit cards, wire transfers to online banking, and mobile commerce).
Over 13 million mobile subscribers in Japan are already paying for purchases with their smartphones, and reports are saying that by 2015 the mobile payment industry will be worth over a trillion.
There are 6 billion mobile phone subscriptions in the world, and more than a billion already in the mobile commerce market. So it seems, from these figures alone, that it’s only a matter of time before we embrace the idea of losing our actual wallets and opting for a digital one.
At the touch of a button on your smartphone, you can get started by simply downloading an app and linking the service or app account to your bank account or payment card. With that done, you can start paying with your digital wallet. Simple and convenient!
As with everything technical, it does not end there! If your digital wallet is an NFC-enabled Android phone, then you can also pay with your smartphone by tapping the handset in the card terminal at the checkout counter, similar to the way you would with your debit card.
Accepting payments is also very simple with an electronic wallet and Allied Wallet already offers this product. You can send money digitally from one “eWallet” to another in just seconds. This is helpful for freelancers, developers, and anyone with clients. You can also send money to family or friends. The eWallet makes life easier.
Whether you have made the switch or not, send us your thoughts on electronic wallets. We’d love to hear your thoughts and concerns as we develop new technologies and further advance our eWallet product.