The content is accurate at the time of publication and is subject to change.
Cash, plastic credit or debit cards are relics of the past. Contactless payments are gaining in popularity.
Smartphones has become an integral part of our life and we rely on them for different tasks: communicating, socializing, working, planning, and buying. The last, buying, is possible with the help of digital wallets that have been introduced to the marketplace not long time ago. Today's big names are Apple Pay, Samsung Pay, Microsoft Pay and some others.
With appearance of digital wallets (or e-wallets) in our life, the tendency of cashless payments has become noticeable. It's quite common nowadays to "tap and go" rather than swipe or insert a physical card.
Digital wallets can be used on a mobile devise or tech wearables like watches or fitness bands. Basically, the digital wallet on your device is a mobile wallet which is already preloaded on your device or you can install an app yourself.
Digital wallets allow you to add your debit cards, credit cards, store cards and even coupons and loyalty membership cards on your smartphone or tablet and use with your device. You can leave all your plastics at home and carry around only your smartphone with you.
Here what you get once you start using a digital wallet:
- Convenience. All your cards are in one simple app - you simply choose the card and tap or wave your smartphone at the checkout terminal.
- Less items to carry. Since your phone is always with you, you can store all your payment cards in a digital wallet and leave your physical wallet at home.
- Enhanced security. Digital wallets do not store your physical cards and protect your information. When your device is stolen, your cards will be safe. When payment is made, digital wallets use tokens instead of your card numbers, so the stores where you shop with a digital wallet do not store your account information.