Keeping information secure in a digital age is not as simple as setting up a short password or two. Thieves and hackers can easily get past those, so many people use complicated passwords instead. Or, they may set up multiple questions that must be answered before information can be accessed. That’s all well and fine, […]
The past couple of decades or so have brought many changes in technology. For instance, most of us now use the internet frequently, and usually on our mobile devices – not even on computers anymore. We have phones that let us use technology to do everything from playing music to watching videos. Today we even […]
Many people have never heard of cryptocurrency. Others have and believe that cryptocurrency is not only here to stay, but will become more commonly used in the near future. There are several reasons for this, of course. Because of its encryption, this digital form of currency is difficult to both forge and steal. Furthermore, it […]
When Apple Pay was initially released in 2014 there was hype surrounding digital wallets and mobile payments. People were predicting that Apple Pay was going to replace your credit cards especially within your small business. Of course, that hasn’t exactly been the case. Apple Pay and other leading digital wallets have become increasingly popular. One survey from Urban […]
A report published by Research and Markets expects the global tokenization market will reach $2.25 billion by 2020. This tokenization will be at a Compound Annual Growth Rate (CAGR) of 22.4%. “There is a constant pressure of managing sensitive data of consumers, along with the need to manage stringent compliances. This led enterprises to adopt […]
We’re living in a fascinating time for accepting payments. From cryptocurrency to selfie payments, the 21st century is not lacking in payment innovation. But what does this mean for business owners? Quite frankly, it means you need to get it together. If you’re still only accepting cash or checks, you’re likely leaving a lot of […]
It has been a long time since banks figured out paperless statements, online bill pay, and electronic funds transfers. After what seems like ages without much progress in banking technology outside of adding new apps for our phones, manyFintech companies are making a push to completely change banking and money management. Fintech, or financial technology, […]
Customers, Millennials, in particular, are ushering in a new era of payments with mobile wallets at the forefront. In fact, some reports have found that around 67% of Millennials are using mobile wallets. Besides the convenience and speed that mobile wallets offer, customers are also demanding that their mobile wallets not only pay for their […]
Cryptocurrency, is rapidly emerging from high tech obscurity and becoming mainstream. These currencies continue to proliferate. Last year all cryptocurrencies combined had a market capitalization of over $13 billion. Electronic currencies are becoming part of the financial landscape; they aren’t going anywhere. Businesses need to start understanding these financial instruments today. If your company figures high tech currencies […]
Mobile payment trends are important to watch. For small business owners, mobile payments are an important part of the financial landscape. A recent survey noted half of all consumers were aware of mobile payment systems and how to use them. Furthermore, younger and wealthier consumers are also more likely to leave their wallets behind and go cash free. Mobile payments […]
With the migration to online transactions for the payment of goods and services, new technology has emerged to help organize payments and payment information in this environment. Known as a digital wallet, this is an electronic device where a person or business can make online payments for products they buy from an online retailer as well as pay or receive money for services rendered. These transactions can be done through a computer or a smartphone, which extends the use of a digital wallet to a physical store.
A digital wallet is typically made up of a system that allows the transaction to happen, the application usually generated through some type of software, and the device like a smartphone. This digital wallet can include links to a bank account as well as credit and debit cards, driver's license, loyalty cards, membership cards, health cards and other types of identification documents or numbers that are stored on a smartphone or computer.
For consumers and businesses that want to use digital wallet, the benefits include easy set-up and use as well as the advantage of eventually not even having to carry a physical wallet full of cards that leads to risk of loss or theft. It's as easy as downloading software or an app from an app store and then recording all the payment methods within the wallet. From there, it's as simple as making a purchase at a store or on the check-out page of an online store. The payment information is automatically entered or recorded after a password or some other identification is provided as part of the encryption process to discourage any fraud. Digital wallets are also free and easy to get for consumers, while very low-cost for merchants.
More businesses are also realizing the value of digital wallets since nearly a quarter of all online shoppers give up on their purchases because they are frustrated with having to fill in another form. The digital wallet automates this part of the process, speeding the purchase and keeping the online shopper there to finish their purchases (and possibly buy something else!).
With so many consumers and businesses interested in how digital wallets can be used as well as the new applications that will allow digital wallets to also be used with cryptocurrency, there is value in keeping on top of the latest news and trends related to these online payment devices. Our digital wallet category covers many issues, trends, application and technological advances related to this new payment method. Topics include:
- Using payments to streamline business finances.
- Ensuring your business is compatible with digital wallets.
- Keeping finances organized with digital wallets.
- Learning about new companies that are developing mobile cryptocurrency payment alternatives.
- Staying updated on the latest types of cryptocurrency now available.
As this area of payments and transactions continues to gain in popularity and adoption, this category will be expanded to cover even more areas that are impacted by the use of digital wallets, cryptocurrency, and other online transactions now emerging for business-to-consumer and business-to-business purchases. This is an exciting time to work and buy in as these are the first truly revolutionary changes to how the world pays for goods and services.