Technology has become integrated in our society, we are using it every day at work, home, and in some states there using IPad’s to teach kindergarten class. With technology becoming more of a necessity than a luxury in past years, the number of people shopping online has increased at an astounding rate. The online shopping market is projected to be worth 370 billion dollars in 2017.
A Digital Wallet is an electronic form of the traditional wallet that allows users to input billing information shipping information and Credit card numbers, the wallet keeps all the information in one place safe and secure.
Many people are familiar with the auto-fill function of many browsers (Google Chrome, FireFox) while these are convenient they are unsecure. There is no password needed to input the information all you need is access to the machine where the information is stored.
Digital wallets offer both the convenience of auto-fill and the security it was lacking. The wallets are encrypted when the information is stored on the digital wallet companies’ server.
As it stands now America is lacking the infrastructure to make digital wallets convenient and profitable. Japan has adapted the digital wallet and it is now used in many offline and online stores. Many retailers have kiosks that allow users to tap their smart phone and complete the purchase that’s it quick and easy.
The Impact of Digital Wallets on the Marketplace
Digital wallets will allow customers to streamline the checkout process. Over 20% of online shopper’s canceled an order due to aggravation and confusion within the checkout scree, I can attest to this I have done this many times. People are familiar with PayPal, PayPal is a digital wallet that allows you to login to their site at a checkout screen and all of your order information is input and accepted as soon as your log in authenticates. EBay is one of the strongest supporters of the digital wallet trend, they have exclusively used PayPal as a checkout method and it is recommended over traditional methods of paying.
More online shopping centers will start to accept digital wallets once they grow in popularity. Once this happens the checkout process will be streamed lined for online purchases and we could even see it used in retail stores. Some digital wallets allow you to upload your license to the wallet so you would not need to carry an ID with you. This could save time when it comes to purchases that have an age restriction on them, the wallet automatically verifies your age instead of the cashier wasting time looking at it. Eventually if retail stores adapt to this technology we could see a reduction in wait times across all stores and higher customer satisfaction ratings.
Securing Your Wallet
While this is an interesting topic, public acceptance will depend on how secure the software is. With the rise of digital crimes such as Identity theft there is no doubt consumers would be skeptical about ditching the traditional forms of currency for one completely digital. While the security is solid on these wallets it is not impenetrable, but thankfully there are some steps users can take to stay secure while using the wallets.
1.) Choose a password that only works with your digital wallets. Many people like to use the same password for multiple log-ins, if one is compromised they potentially have access to all of your log-ins.
2.) Keep your device updated with the latest software
3.) Make sure your device has some sort of anti-virus program to prevent viruses such as key loggers from stealing your information.
4.) Only install programs from a trusted source.
5.) Do not share sensitive information with others. Such as social security numbers, addresses, credit card numbers.
6.) Make sure the device you are using has a password on the lock screen.
7.) Do not write down the password for your digital wallet.
Revolutionize the Way You Shop
Digital wallets could revolutionize the way we shop as a whole. Making everything convenient and easy to understand is always something people are looking for. While the major drawback is security it is not something we are unaccustomed too when it comes to purchases. Physical wallets get stolen all the time but can be prevented by taking the proper steps. The same is true when it comes to digital wallets the cons can be prevented by taking the proper preventive measures. When something is new it is always scary to the public but that does not mean it is worthless, after all debit and credit cards were once considered unsecured and we now use them all the time.