The Evolving World Of Digital Wallets And Mobile Payments

Published : 6 years ago, on 11/07/2018

Adapting to the new and changing world of technology is one of the most crucial things for a business to survive in the competitive world where we live.

Those who learn how to evolve with the rapidly changing times are the ones who reap the benefits of the quicker and convenient ways to sell and buy goods and services. Failing to do so might result in emotional, technical and mental breakdown and make others win the opportunities over you.

One such arena is the world of digital wallets and mobile payments. Though they started way back in the 1980s with the introduction of digital cash, it gained more importance in the 90s with PayPal kicking in while they have become an absolute necessity two decades later, in the times we live today.

Often the two terms are used interchangeably but to be more precise, digital wallets are a replacement of the physical wallets, they carry data about payments, identification, rewards, tickets and even boarding passes. Mobile payments are simply the payments that we make through the use of our mobile phones through various platforms such as PayPal, Apple Pay and many others. Humans have a tendency to forget things and this is where digital wallets come to your rescue as it is most likely that you’ll forget a thing like your wallet but it is extremely less likely that you’ll walk out of your door without your mobile phone in hand because we all know how addicted we are to our smartphones.

The basic idea behind the introduction of digital wallets and mobile payments is to not only protect you from any potential theft that a physical wallet may land you in but to also make your pockets less bulky and life easier, convenient and carefree. With these, you don’t have to worry about carrying a set of documents, identity proofs and cash every time you go out somewhere. A digital wallet gives you a hassle free life that was totally unthought-of back in the day when people used to lose their mind over forgetting their cards, cash and other important things that had to be carried judiciously with you. Now you can roam around anywhere in the world you want, go for shopping, buy concert tickets in real time and one swipe. Yes, one swipe is all it takes to transfer or receive money. It is so practical that you can link your digital wallet with your favorite shopping apps, split money with your friends when you’re out for lunch and dinners or even when you’re on the go in a cab and don’t have the right amount of change to give to the driver. Digital wallets are your one step solution to anything and everything.

Surely, the world is getting digitalized and so are we. With this amazing piece of technology you can save all the time taking processes that you earlier spent hours doing. Digital and mobile payments can also help you track your expenses and let you know where you’re spending what. When you start tracking and keeping a record, you tend to spend less and indulge in the habit of saving. The time is not so far when the world will become a cashless economy, all hail the revolutionary and evolving world of digital wallets and mobile payments.