Wallet tech for the future
The introduction and success of Bitcoin have opened up the idea of a fully digitalized wallet. Indeed, many believe that the days of carrying around physical money will soon be over.
So, with more financial services being offered and managed solely online, the question is, how will it impact our wallets?
Apple and Smart Pay options
Apple and Smart Pay options are nothing new. However, it’s only recently they’ve been fast gaining in popularity. It’s likely in the not too distant future, these types of payments will take over traditional transactions.
With Apple Pay, users don’t even need a card to make a purchase. Instead, they use their Apple phone or watch to make a payment. While initially the payments were restricted to £30 transactions, these restrictions are gradually being lifted, with some locations now offering consumers the opportunity to pay more than £30 with their devices. It works by linking to any of your cards which you can store in your Apple Wallet.
Another change we could see pretty soon is the introduction of smart cards. These are currently used in the United States and they basically come with an internal microprocessor, rather than a simple magnetic strip. They would be slightly thicker than the debit and credit cards you’re used to getting from companies such as Ocean Credit Card, but they would be a lot more secure.
Smart cards could be implemented into credit cards, loyalty cards and debit cards to name just a few.
Bitcoin and other cryptocurrencies have introduced an entirely new wallet – the digital wallet. In order to receive and trade cryptocurrencies, users need a digital wallet to store them in. These wallets are basically software programs which store public and private keys and it also interacts with numerous blockchain in order to allow users to use their cryptocurrency.
What’s really confusing about these wallets is that they do not actually store cryptocurrency. In fact, digital money isn’t stored anywhere. All you have is a record of transactions which are stored on the blockchain. It can be confusing, but there are expert guides available to help you to navigate how they work and their main benefits.
The above are just three ways our wallets are likely to change in the not too distant future. Although a lot of transactions are transferring onto a digital platform, our physical wallets will still be needed, if only to store the newer smart cards being developed.
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