While a majority had heard of PayPal, barely half had heard of any other apps like Level Up, Square, V.Me, or Google Wallet. Not Many People Understand or Use Digital WalletsĪnalytics firm ComScore surveyed more than one million consumers about their knowledge of digital wallets. Customers shopping in areas with poor service will be out of luck at checkout time if they are relying on a digital wallet. Even Verizon’s 4G network only provides coverage to about 75 percent of the country. Mobile Access ConcernsĪnother impediment to more universal digital wallet adoption is that high-quality mobile coverage is far from comprehensive.
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Of course, smartphone users can easily download several different digital wallet apps in order to have one that works with every merchant that accepts one, but that is confusing and awkward and defeats the purpose of a virtual wallet. The major impediment to more mainstream use of digital wallets is that there is no one application accepted everywhere. Starbucks, for example, signed a high-profile deal with Square to accept digital payments via apps on iPhone and Android, and Home Depot teamed up with PayPal to offer mobile payments, but most major chains have yet to accept digital wallet payments. The current state of digital wallet technology is a bit hit-and-miss, which probably leads to its perception as less safe than traditional debit and credit cards. Once these transactions become seamless and secure, developers expect digital wallet usage to explode. It’s easy to see how digital wallets will become more attractive as the technology evolves. The idea is to let customers buy the things they want any way they want. The Apple digital wallet will take the purchasing experience to the next level by allowing users to combine not just cash and credit accounts, but also customer loyalty points and other forms of non-cash currency to let consumers choose various combinations to pay for their purchases. The Google Wallet, MasterCard PayPass, and Square Wallet are all aggressively marketing their apps. PayPal is the giant in the market currently, but other companies are trying to chip away at PayPal’s market share.
Currently, most applications link bank account, debit, and credit card information to a smartphone app to allow consumers to simply wave or tap their phone to complete a transaction. To understand the security issues with digital wallets, it’s important to understand exactly how digital wallets work.
As more people and merchants embrace digital wallet technology, how will safety and security be affected? What is a Digital Wallet? This may be due to the limited number of merchants who accept wallet apps, or technology barriers that prevent seamless integration between various apps and networks, or a low level of trust in the safety and security of digital wallets.Īpple’s entry into the digital wallet market may change all of that by capitalizing on its excellent reputation for simplicity and its huge and loyal following. While the digital wallet concept and various apps have been in use for years, few people have really embraced the technology.
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How Safe is the Digital Wallet on Your Smartphone?Īpple’s new digital wallet software may revolutionize the way people pay for things.