eCash and Digital Wallets

Digital wallet has been around for years. But the adoption of this technology has been shaky at best. After all, bringing payments fully into the digital world is no small task.

But within the past year, digital wallets have gotten the attention of many. It’s becoming mainstream. If you’re still unsure about digitizing, this post is meant to ease your concerns. It’s time to find out why now is the time to adopt a mobile wallet.

Get a Digital Wallet for the Sake of Your Health

Sitting on a wallet can be a killer on your back. It’s such a serious concern actually, it has a name: Wallet Neuropathy. This term applies to carrying heavy purses as well.

There’s good news. Instead of spending money on chiropractors, pills and/or surgery, we can simply use a digital wallet. By keeping what we need on our phone, there’s no need to carry a burdensome wallet. This reason may be enough to convince you to keep everything on your phone. In your hip pocket.

Never Forget

Most people feel naked without their phone. For this reason, they rarely forget it before leaving home. A wallet, a credit card, a gift card, an airline ticket, a coupon, etc. are all much easier to forget. The solution? Put everything on the one item you’ll remember: your phone.

When you get a new credit card, gift card, coupon, etc. be sure to store the information in your digital wallet. Fewer things to remember. Fewer things to forget.

Better for the Environment

Think about what it’s like to get a new credit card, for instance. You get a huge envelope of information in the mail. Included inside are papers you’ll never read and the physical credit card. Getting this to your door also took energy which causes pollution. Instead, opt for the digital alternative.

Choose to receive your notices electronically as well.

I prefer this not only because it’s better for the environment but also because it’s easier to keep records and search old records. I’d much rather hit Command + F and find the information I need within seconds. Very handy.

Faster

With a wallet, you usually have to do a little fiddling at the checkout line. Getting it out, getting the card out, swiping, re-swiping, signing, pressing ‘confirm’ and trying to squeeze it back into your wallet and then putting that back in place. Meanwhile, your phone is probably already in your other hand. With a digital wallet, users are able to pay via a simple tap or scan of their device.

Real Time Analysis

With a digital wallet, you can manage your costs/budget in real time. Gone is the delay between spending and knowing. You won’t need to pull out paper receipts and a calculator in order to see if your spending is on track. Sometimes it’s nice to know exactly where you stand. Especially when the average overdraft fee is $27 and the average credit card interest rate is 21%.

Safety

There are still security concerns for using a digital wallet. But these concerns are being addressed with vigor. Think about the security concerns that exist while using a physical wallet:

  • It’s extremely easy to forget a credit card at a restaurant.
  • If someone steals your wallet, you’ll have to call and cancel each credit card individually. Your phone is locked.
  • You will likely reach for your phone and see it’s missing before your wallet – thus having a physical wallet gives criminals a greater lead time.

Read one man’s story of why he decided to stop worrying and finally embrace the digital wallet.

It’s Easier to Apply Discount Codes on the Spot

Often when we’re shopping online, we try to find some sort of discount code. Once we do, it’s easy to apply towards the purchase price. But doing so in-store is typically not something on our minds. That’s because it’s hard to apply a digital coupon with a physical wallet. But with a digital wallet, applying online coupons to in-store purchases can be seamless. It’s a nice hybrid of online and physical shopping.

And at the end of the day, this will happen whether you and I want it to or not. So it’s best to embrace it and enjoy the evolution of the human race.

 

William Lipovsky owns the personal finance website First Quarter Finance. His most embarrassing moment was telling a Microsoft executive, "I'll just Google it."

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