We are living in an age of rapid technological advancements, which bring forward newer and better things every day. The idea of digital wallets was introduced a while ago but it seems to be gaining popularity as credit cards, cash and coins are now considered as a 20th century thing.
According to expert opinion, people are going to pay for whatever they want to buy and conduct day to day activities using their cellphones in the coming future. However, even though there is no doubt in mind about the popularity of digital wallets and that they will grow immensely, the thing that poses question in the minds of experts is; “when will the near future come”.
At a cellphone industry trade show that took place in the United States, most of the talks revolved around digital wallets but also about the blurry future in which digital wallets will dominate.
According to the President of global products and solutions of MasterCard, Gary Flood said that currently, 85 percent of the people are still using cash and checks to make transactions globally and they have an amazing chance to change that.
Many companies are looking towards digital wallet to change the way users make payments. According to many analysts and experts, digital wallets will help users in making payments without worrying about sitting in front of a computer or going to the bank. However, the question with digital wallet remains that of privacy and security.
Digital wallets are found today but they aren’t as popular. Google introduced its digital wallet in 2011 but it hasn’t been that famous because it was also criticized for having loopholes in its security. Professionals and companies seem to see a lot of scope in digital wallets but remain concerned about when and how to make them the consumer’s first priority. They say these ‘wallets’ will be used widely in the future but when will this future come seems blurry right now.