The world is trending in the direction of putting everything that was once a weighty burden in compact and convenient digital form. Recently Ebay and Google have unraveled their plans to make even the old-fashioned wallet digital. Visa is also, flaunting its plans to make their own version of the digital wallet, although the results have been much less forthcoming.
The digital wallet has to potential to, not only be more convenient than a clunky wallet, but completely revolutionize commerce.
For people who are unaware about what Digital wallet is, it let you make payment using your mobile phones. Also popularly known as e-wallet. Imagine walking into a store to find the perfect outfit for your next major social or business event. You search through the store until you find something that you happy with. The next step is taking it to the cash register to pay for it, right? Well with a digital wallet not necessarily. Watch this introduction of Visa digital wallet by Jim MacCarthy of Visa:
Benefits of Digital Wallet
Now it will take some time before people in mass adopt any of this E-wallet in day to day activities. Another important factor about digital wallet is, it’s integrated with your smart-phone, so you need not need to carry anything else in your pocket. Mobile is something that everyone carries all the time.
Skip the Cashier
With the digital wallet you will be able to pay for your purchase right from inside the store. Theoretically, you could then walk right out of the store and skip the cash register altogether. The only glitch might be the little plastic doohickey that sets off the alarm if you walk out with it, but I am sure stores will work out a way around that in order to maximize the customer experience. Imagine taking your outfit to the dressing room, deciding that you like them, and without bothering to take them off, paying for them on your E-Wallet. You could be in and out of the store with a new outfit on your back in a matter of minutes (unless you like to shop for hours like me).
But wait, it doesn’t end there. What if you find an outfit that you like, but you don’t like the price? PayPal has come out with a new service which will allow you to scan the barcode of any product and then search for a better deal in the nearby vicinity. It kind of makes the words “comparison shopping” take on a new meaning.
Personal Finance Convenience
But the mobile wallets influence on commerce won’t end at check out. What if you get home and realize that although you paid for your purchase in one payment with MasterCard it would have been better had you paid with Visa in installments? Sounds like another hopeless case of tough luck. Not with Google’s or PayPal’s digital wallet, with a digital wallet you will be able to actually change the payment options up to a month after making the purchase.
Lets understand it more closely with Google video on Google Wallet:
Since the digital wallet concept is relatively new, the possibilities are also relatively unexplored and undeveloped. Imagine what could be in another 10 years, the shoppers experience will probably completely different than what we can currently imagine. So are you looking forward to using your mobile as wallet in future? How’s the idea and are you one of those tech pundits who have already tested and used this service?