Are Digital Wallets The Next Big Thing?

Written by on June 26, 2012 in Technology - No comments | Print this page

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Introduction to Digital Wallets

As consumers in the digital age, we’ve become accustomed to using our cell phones for just about everything. Cell phones have turned into “smartphones”, which double as gaming systems, mobile computers, digital cameras, and even virtual mapping systems. Innovators like Apple and Google have become masters at programming phones to do just about anything we desire. So what’s the next step?

It appears that there’s another application on the horizon that could change the way we use our phones yet again. Our phones already carry much of our personal lives in between their walls, so why not add one of the most important components? Technology giants like Apple and Microsoft seem keen on creating a way for you to use your phone as a payment device. With these new so called, “digital wallets”, users will be able to make physical payments with their mobile card information in stores across the globe.

Apple’s Passbook

Apple is working on a new application for their iOS 6 and new iPhone 5 called Passbook. Passbook will collect event tickets, boarding passes, coupons, and loyalty cards and place them in a single place. Apple wants to try to make the way we pay for goods more efficient. Apple already has hundreds of millions of its users credit cards on its data banks, and those cards currently let users download applications, music, and purchase goods online.

But the rumor is Passbook might soon allow users to use their credit cards in stores to purchase goods in real time. Passbook is also a “smart” application, which means that things like gift cards and coupons will pop up on your home screen when you are in vicinity of a store that will accept them.

Potential Problems

Although the hype about Passbook and Digital Wallets is growing, there is still a lot of practical issues to resolve before the use can truly become mainstream. The first problem for Apple is that there are many competitors. They will have to prove to the market that using their digital system is easier and more efficient. Which ties into the second problem. Consumers find it relatively easy to carry around a credit or debit card to make their purchases.

Almost all retailers and stores in the United States accept Visa and Mastercard. Most stores do not yet accept mobile card purchases, and it will take some time and demand before they regularly take applications such as Passbook for payment.  Digital Wallets will be on the scene; the only question is how soon?

This is a guest post written by Donald, he works at myoutdesk. You can hire efficient virtual assistants at Myoutdesk.com.

Image courtesy of freedigitalphotos.net

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