What's in Your Wallet?

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A Review of the e-wallet technology

“With the rise of debit cards and the increase in the use of services like PayPal, fewer people now rely on carrying cash in their wallets to make everyday transactions. Well now the wallet itself might be in danger of disappearing from purses and back pockets as more cell phone manufacturers begin to embrace the concept of the e-wallet”~ AnythingEverythinghere

Image Source | Merchant Doctor

Are you aware of just how smart your “smartphone” is becoming? Would you be willing to leave your wallet at home and conduct all of your financial transactions via electronic exchange? Well, many are at work to make e-wallet technology the new social norm.

So what exactly is an e-wallet?

Wikipedia definition

A digital wallet (also known as an e-wallet) allows users to make electronic commerce transactions quickly and securely.

A digital wallet functions much like a physical wallet. The digital wallet was first conceived as a method of storing various forms of electronic money (e-cash), but with little popularity of such e-cash services, the digital wallet has evolved into a service that provides internet users with a convenient way to store and use online shopping information.

The term “digital wallet” is also increasingly being used to describe mobile phones, especially smartphones, that store an individual’s credentials and utilize wireless technologies such as near field communication (NFC) to carry out financial transactions.

Additional Reading

What is an electronic wallet? | wiseGeek

NFC technology and the Mobile Wallet (or e-wallet) is changing the way business will be conducted in the US | Merchant Doctor

Types of e-wallets

We can lump the types of digital wallets into two broad categories: client-side and server-side. Read More | How Digital Wallets Work

Who Are the Key Players in Mobile E-Wallets in the U.S.?

According to  Patricia B. Seybold, CEO and Senior Consultant, Patricia Seybold Group the industry leaders are Amazon, Apple, Google, PayPal (e-Bay), Mobile Phone Networks, Credit Card Companies, or Upstarts. Read More | CustomerThink



It may be some time before e-wallets completely replace traditional wallets, but like it or not the technology of e-wallet is here to stay and will be making strides for years to come. I hope this piece has helped you to understand the technology and connected you to resources that will lead to a more comprehensive understanding of electronic commerce.

 

Until Next Time…Be Bright, Shine Light