A digital wallet refers to an electronic device or online service that allows an individual to make electronic transactions.

This can
include purchasing items on-line with a computer or using a smartphone to purchase something at a store. An individual's bank
account can also be linked to the digital wallet.

What is digital wallet and how does it work?

In general, though, a digital wallet (also sometimes called an e-wallet) is a transformation in the way you pay for things. Many
digital wallet services work through apps on your smartphone. At the supermarket, for instance, you might simply tap your phone to
a compatible check-out register to pay instantly.

Is Apple pay a digital wallet?

Apple Pay is a mobile payment and digital wallet service by Apple Inc. that lets users make payments using an iPhone, Apple
Watch, iPad or Mac. Apple Pay does not require Apple Pay-specific contactless payment terminals, and can work with existing
contactless terminals.

What is a crypto wallet?

A cryptocurrency wallet is a software program that stores private and public keys and interacts with various blockchain to enable
users to send and receive digital currency and monitor their balance. If you want to use Bitcoin or any other cryptocurrency, you
will need to have a digital wallet.

What is the Ewallet?

E-Wallet allows you to store multiple credit card and bank account numbers in a secure environment, and eliminate the need to
enter in account information when making your payment. Once you have registered and created E-Wallet profiles, you can make
payments faster and with less typing.

How do wallets work?

The recipient will receive an SMS with a temporary ATM PIN. At the FNB ATM, they need to press Proceed or Enter, then select
eWallet services. They need to enter their Cellphone number and the temporary ATM PIN sent via SMS, and choose the amount of
cash they would like to withdraw.

How does a bit coin Wallet work?

A transaction is a transfer of value between Bitcoin wallets that gets included in the block chain. Bitcoin wallets keep a secret
piece of data called a private key or seed, which is used to sign transactions, providing a mathematical proof that they have come
from the owner of the wallet.

Can you transfer money with Apple wallet?

You'll be able to choose from all the debit and credit cards in your Wallet, authenticate payments with TouchID, and your contact
will receive the money in their Apple Pay Cash account. They can then transfer the amount to their bank, make Apple Pay
purchases, or send it to others.Jun 5, 2017

How does a bit coin Wallet work?

A transaction is a transfer of value between Bitcoin wallets that gets included in the block chain. Bitcoin wallets keep a secret
piece of data called a private key or seed, which is used to sign transactions, providing a mathematical proof that they have come
from the owner of the wallet.

Is Paypal an e wallet?
The wallet feature lets people pay with a PayPal account, a credit or debit card, bank account or a line of Bill Me Later credit that
can be applied for within the app. Like Google Wallet, the new PayPal app incorporates deals and discounts that are then
automatically applied when you pay.Sep 5, 201

What is the mobile wallet?

A mobile wallet is a way to carry your credit card or debit card information in a digital form on your mobile device. Instead of using
your physical plastic card to make purchases, you can pay with your smartphone, tablet, or smartwatch.
What is Irctc e wallet?
IRCTC eWallet is a scheme under which user can deposit money in advance with IRCTC and can be used as payment option
along with other payment options available on IRCTC for paying money at the time of booking tickets. IRCTC eWallet scheme
provides following advantages: Hassle free and secure transactions.
Is the mobile wallet safe?
Are they safe? Absolutely. Mobile wallets offer increased security and can actually be safer to use than swiping your psychical
debit or credit cards. ... However, with your digital wallet, every single transaction is heavily encrypted – when the data is
transmitted it doesn't contain your actual card or account numbers.

Do I have to be connected to the Internet to use Android Pay?

Android Pay can only perform a limited number of transactions in dead zones. ... With Android Pay, they're generated in the
cloud, which is what Host Card Emulation is. If you're without Internet and need to use Android Pay, the app will tap into a limited
number of stored tokens on the device.Jun 3, 2015

Three Payment Trends That Will Change How We Pay in

2018
Michelle Evans , Contributor I write about how disruptive technologies reshape global commerce Opinions expressed by Forbes Contributors are their own.

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 Artificial intelligence is likely to transform many industries in the next decade, including payments.
 Partnerships are important as digitally connected Chinese travelers grow in number and venture farther.

A generation ago, a consumer would visit Main Street to fulfill all of one’s shopping needs and undoubtedly pay in cash. A lot has changed since
then. The arrival of personal computers in homes and the launch of companies, such as Amazon, Alibaba Group and eBay, in the 1990s acquainted
consumers to the new concept of shopping online. The popularization of smartphones within the last decade then introduced consumers to
anytime, anywhere commerce.

DUBAI, UNITED ARAB EMIRATES: A customer makes a transaction using Apple Pay in the UAE at The Dubai Mall. (Photo by Francois Nel/Getty
Images)

Technology has reinvented commerce. It changed what consumers expect to experience in physical retail and foodservice outlets. It opened the
door to new ways of engaging with brands across the path to purchase. It altered the role the payments industry plays in the transaction. Stemming
from this week’s Money20/20 event, the below takes a deep dive into three of the most impactful technology-driven trends reshaping payments.

New payment forms emerging

Digital commerce is no longer restricted to computers or smartphones. There are now a plethora of things, including connected devices, appliances,
devices, clothing, fashion accessories and sensors, all with the potential to disrupt commerce and usher in new payment form factors. Consumers
also are shifting from type to voice interfaces with personal assistants powered by the established smartphone and emerging wireless speaker
categories driving this uptake. Euromonitor International estimates that nearly 81 million wireless speakers, such as Amazon Echo, will be sold
globally in 2017, with that category expected to expand 84% from 2017 to 2021.

As a result, payments are becoming more of a commodity in the commerce experience. Consumers expect frictionless checkout experiences
combined with the same level of security across all devices as exists today with other more established payment forms. “Today’s consumers are
smarter and have higher expectations than ever before,” said Kiki Del Valle, Mastercard’s senior vice-president of commerce for every device. In an
effort to promote security in this digital era, Mastercard unveiled a suite of APIs for card issuers that will provide consumers with a single view of
where their cards are stored across all digital devices. Consumers are able to more easily control how, when and where their cards are used when
accessing their card issuer’s mobile banking app. Consumers also can remotely deactivate cards or set spending controls at the device level. “We are
providing the consumers with the tools they need in the Internet of Things era,” Del Valle explained.

Artificial intelligence’s big day

While companies have been collecting petabytes of data for years, the reality is that most struggle to make sense of it all. At its lowest common
denominator, artificial intelligence (AI), allows brands to better synthesize data and incorporate those learnings to improve the commerce
experience. AI, which refers to technologies capable of performing tasks normally requiring human intelligence, goes back centuries. While AI
technologies were commercially available by the 1980s, it was not until the turn of this century that the emerging machine intelligence trend truly
took off. Now the confluence of three powerful drivers, including exponential data growth, more sophisticated distribution networks and smarter
algorithms, have propelled artificial intelligence to the center stage.

Artificial intelligence is likely to transform many industries in the next decade, including payments. Dr. Matt Wood, the director of deep learning for
Amazon Web Services, spoke at Money20/20 about how Amazon and its AWS clients use artificial intelligence to help inform decisions from
fulfillment and logistics to personalization to fraud prevention. Capital One, for example, deployed chatbots to allow consumers to conduct basic
account inquiries, including the status of balances and transfers between accounts. Liberty Mutual offers similar functionality with the addition of
fraud risk prevention. Expedia incorporates machine learning, which continues to take in new information to become smarter over time, to display
more aesthetically pleasing user photos alongside its consumer reviews. Logistics company Instacart uses machine learning to memorize grocery
store layouts in order to provide its delivery personal with the most efficient routes to complete order assembly. “Machine learning is becoming the
future of growth,” Wood explained. “The more that companies invest in machine learning, the more they grow.”

Chinese mobile wallets moving west

Within the last decade, smartphones emerged as a must-have device for consumers globally. The first mobile-centric nation was China. For the first
time in 2015, Chinese consumers made more purchases through mobile phones than computers. As of 2016, two-thirds of digital purchases were
mobile based, according to the latest data from Euromonitor International. Players like Alipay and WeChat, which offer Chinese consumers a
lifestyle-driven app with commerce capabilities, are powering many of these transactions in China and now increasingly abroad. These Chinese
wallets are moving west as the spending power of its residents grow and the government improves international cooperation allowing consumers
to travel to more nations. Chinese residents are expected to take 225 million international trips in 2030, growing at 7.3% compound annual growth
rate (CAGR) over 2016-2030, according to Euromonitor International.
Chinese tourists visit the South Coast Plaza Shopping Center in Costa Mesa, Calif. (AP Photo/Damian Dovarganes)

Alipay, which has an estimated 520 million active users, now supports payments in 27 currencies across 30 countries. “It allows Chinese consumers
to spend with the method they are familiar with,” explained Souheil Badran, president of Alipay North America. In particular, Alipay has partnered
with a number of payment providers, including First Data, Verifone, Payworks and Stripe to expand acceptance outside of China. This week Verifone
and Alipay announced it was extending its existing partnership to allow taxi payments for Chinese travelers in North America. Partnerships are
important as digitally connected Chinese travelers grow in number and venture farther. Euromonitor International forecasts that Chinese residents’
outbound tourism expenditure will be one of the fastest growing globally, with a 7.4% CAGR over 2016-2030 -- a figure that is expected to outpace
China’s overall consumer expenditure growth of 5.7% CAGR.

The Pros and Cons of Digital Wallets

0
3SHARES
3

As more people adopt a digital wallet purchasing method, you might wonder if it’s something you
should do too. Is it safe to store your personal information digitally? Is it any more convenient to use
near field communication to make purchases?

Take a look at these advantages and disadvantages to decide for yourself if you should use a digital
wallet.
Pros

It Slims Your Wallet

If you don’t like carrying around stacks of credit cards and other documents, a digital wallet is a great
way to slim down while still having your important information on hand. Instead, you can carry your
smartphone or you can opt for a one credit card digital wallet option that allows you to make
purchases with any of your accounts from the same card.

Purchases are More Convenient

While it’s certainly convenient to save space in your pocket, digital wallets offer more convenience
than that. In addition to credit card information, they can also store loyalty cards and coupons. For
example, Urban Airship helps companies convert these options into digital versions to help customers
go paperless. With other apps, digital wallet users can take advantage of their devices’ location
capabilities and receive digital coupons based on where they’re shopping.

Budgeting Has Never Been Easier

With the rise of digital wallets comes the incredible concept of digitizing your budget, too. No more
recording transactions by hand, saving receipts, or manually entering your expenses and income into
computer programs. Now you can link your wallet directly to a budgeting app that does all the work
for you.

While there are numerous options available, OnBudget is a great model of what digital wallets are
capable of. The app works alongside a prepaid card. Simply transfer money onto the card and make
purchases with it. The mobile app will automatically do all the calculations for you. It delivers graphs
and other reports to help you stay on budget. Other similar apps sync with your bank, credit card,
PayPal, and other accounts to help you stay on budget by keeping track of your income and expenses.

Cons

If You Run Out of Battery, You Can’t Make Purchases

Having a smartphone-based digital wallet is convenient in many ways, and if you lose or forgot your
phone, it’s no different from losing or forgetting your wallet. But here’s the problem: A traditional
wallet doesn’t run out of battery. If you have your cards on you, you can make a purchase. However,
using your smartphone as a digital wallet can prove problematic when the battery is dead.

You Can Only Purchase From Compatible Retailers

If your idea of a digital wallet is using your mobile device’s near field communication (NFC), then you
can only make purchases from a retailer with a POS terminal. Since these aren’t widely used yet, you
might still have to carry around your traditional wallet for a few years before you can completely toss
it out. Not only that, but your phone has to have NFC capabilities, and not all smartphones have that
yet.

There are Still Safety Concerns

While certain digital wallet companies like Google Wallet have security measures in place, it’s still not
clear how safe digital wallets are for making purchases in brick-and-mortar stores. Some digital wallet
programs will leave you responsible for all losses even if they encrypt data, making traditional credit
cards with fraud protection a more appealing option.
At the same time, there are concerns about how hackers might get a hold of your information with
NFC since you’re transmitting your data wirelessly. However, these concerns are no different from
those surrounding the use of credit and debit cards that store your information online, so it’s up to
users what they feel comfortable with.

Digital wallets are still growing in popularity, but in the near future we’ll likely see more retailers
switching to a digital wallet concept so much that the digital wallet makes the traditional wallet
something of the ancient past. Weighing the pros and cons is up to the user, but as popularity grows,
the disadvantages will soon become of little concern.

Photo Credit: Miki Yoshihito Flickr

Consumer Payment Behavior Across Generations



The Silent Generation, Baby Boomers, Gen X, Millennials, and Gen Z — these are the names for various age groups. As the Internet claims,
they have different lifestyles and behaviors, including differences in triggers for purchase decisions and their engagement level with FinTech
trends. After extensive research and examination of the data, we found that there is no general agreed upon date for when each generation starts
and ends, except for the post war Baby Boomers. However, there is clearly a differentiation in habits, needs, and wants that each generation
expresses.
Before we can dive into the payment behavior across each generation, we need to define them. To solve the dilemma about when each generation
starts and ends, we chose to rely on the most reliable sources. The US Census Bureau which collects data on the population only characterizes
the Baby Boomers, while other generations are left undefined. Further attempts to find other official institutions such as OECD, The World
Factbook, and Eurostat which collects population data from countries around the world, were also unsuccessful. Additionally, a phone call to the
Federal Statistical Office in Germany again confirms that they do not define these generations.
Nevertheless, according to Pew Research Center and social researcher Mark McCrindle, this is when each generation starts and ends, according
to year of birth: the Silent Generation is born from 1928 to 1945, Baby Boomers are born from 1946 to 1964, Gen X is born from 1965 to 1980,
Millennials are born from 1980 to 1994, and Gen Z is born from 1995 to 2009. With the support of these sources, we will explore payment
habits, needs, and wants of the last four generations.
Baby Boomers
Born from 1946 to 1964, the Baby Boomers, unlike Millennials, don’t rely on reviews or advice from their peers or family when deciding on
whether to purchase something or not. They love discounts and are to some extent aware of how technology works. A shift in discount shopping
has been reported by NBC — only 57% of Boomers search online for deals, compared to 71% of Millennials, who visit multiple stores in search
of the best bargain.
Additionally, Baby Boomers are embracing mobile payments: they are doing so because it is more time efficient, but currently only 20% of the
boomers in the US are using it. From the remaining 80% that are not currently using P2P, about 49% plan to start using it by the end of 2017.
Boomers see shopping as a hassle, and so they are less forgiving when online businesses don’t keep their shopping experience as simple as
possible.

Gen X
This generation grew up with the Internet, emails, and a growth in e-commerce. Born from 1965 to1980, Gen X wants to save time and be
efficient whenever possible. Gen X has more in common with Millennials than with Boomers — one difference is that Gen X is slower at
adapting to the latest payment trends, and they are less impulsive. A report by Accenture showed that 88% of Gen X purchase their clothing
online, compared to 94% of the Millennials. And NFC world reported that 47% of Gen X use mobile payments for making purchases, and 38%
use it to do bill payments. When making purchase decisions, the more information they have about the product, the better, and thus the more
probable that they will complete the checkout.
Millennials
Gen Y, or Millennials, are born around 1980 to 1994 and entered young adulthood in the 21st century. Both Millennials and Gen Z are
considered digital native consumers. A research found that 52% of Millennials say that they have used a third party money transfer such as
PayPal in the last three months, compared to 40% of Gen Z — but 43% of Gen Z have used a digital wallet compared to 29% of Millennials. In
addition, adding an item to the online shopping cart does not necessarily mean that there is an intent to purchase for Millennials. Research
suggests that 89% of Millennials use their online shopping basket as a way to examine the cost of the items they are considering to purchase,
while over three quarters use the cart as a wish list. Only 29% of survey participants over the age of 55 display such behavior.
Moreover, Millennials are more likely to experience intense emotions throughout the entire shopping experience — particularly excitement,
impulsiveness, impatience, and guilt. When it comes to the decision making point, 20% of the Millennials researched say that a deferred
payment option would help to lower their feeling of remorse. Furthermore, one in five would complete the checkout if there would be the
possibility to spread the cost over a period of time.
Gen Z
Born between 1995 and 2009, Gen Z is currently in their teens. This generation was born in a digital and technology overrun world. Although
Gen Z is the youngest generation, 72% of them have a checking account, according to a study by American Express. Gen Z is more comfortable
with new payment technology trends than the generations before them. About 48% of Gen Z have downloaded a money or payment app on their
smartphone and 33% have actually used mobile wallets over the last three months, compared to 22% of Millennials. There is still more to learn
about Gen Z in the years ahead. Gen Z wants everything to happen faster: some competencies that would make them more loyal to a brand,
product, or service are the same day delivery (56%), a mobile self-checkout at physical stores (32%), and the one hour delivery by drones (39%).
Even though official institutions don’t define the generations with nicknames other than the Baby Boomers, the different behaviors and attitudes
amongst these various age groups can provide great insights that can help online businesses to make better decisions. Baby Boomers want
simplicity and time efficiency, Gen X want details, Millennials want more payment options and less guilt, and Generation Z is more open for
mobile and digital payment methods but they expect everything to happen faster. Let’s see what the future brings for those generations, shall we?
Olha Getalo 2017-10-04T17:42:51+00:00 October 4th, 2017|Payment Knowledge, Payment Trends|2 Comments
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2 Comments
Eve 4. October 2017 at 19:48 - Reply
Nice read!

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