We are firmly apart of the digital age, now, and it continues to find its way into more facets of our lives. The technology of today is one that is modeled around speed and convenience, which are highly valued in today’s culture. This fact makes the rise of the electronic wallet somewhat inevitable, and we are starting to see its evolution today. Electronic wallets are a way to move people away from physical currency, and instead consolidate their payment sources in one space, such as their phone or a single card. Here is some information on the future of electronic wallets…
Smartphone accessories
Right now, there are a multitude of apps on newer smartphones that are able to turn your phone into a tap-n-go pay solution. A great example of this is called Near Field Communication, which is a smartphone accessory that turns the phone into a payment solution that merely scans into card readers that already exist. This is only one step in the continuing growth of electronic wallet technology, and it is likely that, soon, all smartphones will be able to be used as a payment solution.
Bitcoin
Part of the origins of electronic payments is rooted in bitcoin, which is a technology that created a digital currency that existed outside of the spectrum of traditional and government banks. There was a lot of political drama around bitcoin, as it was held as a libertarian ideal for a way to get around government interference in monetary policy. However, it never really picked up into mainstream relevance, and stands more as a past bookmark for electronic currency, rather than as a viable way forward.
Corporate backing
The future of electronic currency is looking very bright, due to the massive investment that is being put into the possibilities of it by the biggest technology names in the world. There is a big group of businesses and corporations, from Apple, Google, PayPal, and Amazon, who are all dedicated to increasing the capabilities of electronic wallets. This corporate backing will speed up the progress that has already been happening, and allow a flow of investment into preparing the infrastructure of our marketplace for digital wallets.
Coin Card
Another bright example of electronic wallets at work is called the Coin Card, which is a single card that can consolidate all of your other credit and debit cards into a single place, so that you can empty your wallet of redundant payment methods.
