A digital wallet is an electronic mobile phone application that allows an individual to process transactions via electronic commerce.It aims to replace your physical wallet and is a convenient way to perform transactions, place orders and store identification within a mobile device.
The digital wallet refers to a broad range of mobile applications that allow the user to make payments, store credit cards and personal identification, and transfer money. It is a sustaining technology that makes it easier for consumers to pay, and change the traditional notion of performing transactions as a whole. Digital wallets add a novelty experience to simple actions such as a purchases, viewing account balances and transferring money; these activities are enhance through an integration of processes within a single smartphone application.
Digital wallet applications use encrypted software to secure financial transactions while speeding up the process - enhancing security and convenience.
The digital wallet refers to a broad range of mobile applications that allow the user to make payments, store credit cards and personal identification, and transfer money. It is a sustaining technology that makes it easier for consumers to pay, and change the traditional notion of performing transactions as a whole. Digital wallets add a novelty experience to simple actions such as a purchases, viewing account balances and transferring money; these activities are enhance through an integration of processes within a single smartphone application.
Digital wallet applications use encrypted software to secure financial transactions while speeding up the process - enhancing security and convenience.
Users: Using a mobile application as a medium, a consumer has the ability to perform a transaction through a simple press of a button or tap of the phone on a POS (Point of Sale) terminal. These mobile applications employ a variety of different methods to process transactions.
With digital wallet applications on the mobile a user is able to purchase items easily and efficiently. Debit, credit and loyalty cards are all stored on one device in one location so there is no need to scramble through a wallet and find the necessary card - it's all displayed on one screen. The digital wallet enhances the user experiences regarding transactions, making them more efficient and satisfying.
- Near Field Communication (NFC): A concept or set of standards that allows smartphones to exchange data through a radio communication with one another by engaging in contact or being present within a close proximity.
- Bar codes: Uses a scannable 2D bar code to retrieve data such as: billing information, identification, loyalty card balances and credit card information to successfully complete a transaction. Bar codes are assigned to each card associated with the application and scanned to retrieve the corresponding information.
With digital wallet applications on the mobile a user is able to purchase items easily and efficiently. Debit, credit and loyalty cards are all stored on one device in one location so there is no need to scramble through a wallet and find the necessary card - it's all displayed on one screen. The digital wallet enhances the user experiences regarding transactions, making them more efficient and satisfying.
Businesses: Digital wallet companies, such as Google and PayPal, require the installation of a terminal that is compatible with the phone applications. Once the terminal is installed, the business has opened an a new versatile method of payment that offers convenience, security and high potential revenues.
Businesses should find that the digital wallet is a viable new method to approach transactions and integrate the system into their own infrastructure. The digital wallet is an innovation that may become the market standard for purchase processing and businesses that invest in it early will reap the rewards of competitive advantages.
- Businesses gain a potential competitive advantage over other firms by implementing a new technology that may become the new market standard. Incorporating this innovation early allows for an information system to be developed early and to lead the market change.
Businesses should find that the digital wallet is a viable new method to approach transactions and integrate the system into their own infrastructure. The digital wallet is an innovation that may become the market standard for purchase processing and businesses that invest in it early will reap the rewards of competitive advantages.
