If one thing Millennials are keen on developing, then it is a cashless society. The raging generation is redefining the way we conduct our daily finances. Since a very long time, we have been striving to create a digital society. But after the long and tedious struggle, we have just scratched the surface. We might have adopted the idea of plastic money, but it is soon going to be a thing of the past. Digital Wallets. The new fad in the world of finance is stepping up and taking over.
The extensive use of digital wallets is leading to a cashless digital society. Even the world of banking is now embracing wallets of the new era. The tech takeover in the world of finance is changing the way we perceive money and most importantly the way we conduct our transactions. Think about it. The next generation will be tapping their smartphones to conclude their transactions. Your smartphone is your wallet. Sounds slick and futuristic? But the future is here.
THE PREVAILING SITUATION:
Traditional leading brands such as Visa, MasterCard are all making efforts to meet the essential trends of the industry. They are applying strategies to keep their customers engaged by collaborating with brands to provide an efficient and a personalized experience. According to recent stats, tech-savvy millennial’s are ready to give up their traditional banking apps in favor of new digital wallets in no time. This is leading to the creation of a cashless society. But will a society run by digital wallet be a luxury or a necessity for us? Let’s understand how digital wallet will impact the customers as well as business owners.
DIGITAL WALLET FOR CUSTOMERS:
The incendiary which is looming over the world. Today we are struggling to keep our data intact from data theft. This is exactly where companies can make the most of digital wallets. The additional security of the digital wallet will make it the next big fad in the world of fin-tech. Users will not have to worry about leaving their physical wallets. Your smartphones are always backing up the data and not to forget there are always passcodes and fingerprint scanners which have locked your smartphones and which are required to complete a transaction. With a single complaint, you can lock your smartphone or even find its location with the help of GPS.
GROWING ACCEPTANCE ACROSS THE GLOBE:
Digital wallets are no longer a toy of the west. Tech giants and business are urging the customers to replace their physical transaction into a digital transaction. The number of users turning digital are arising from all the nook and corners. Smartphone users are turning towards digital wallets and Samsung, Android, Apple, Google pay are integrating with brands to innovate the wallets and make them seamless. They are accepted at millions of stores and the acceptance is going to increase with time.
SPEND TO EARN:
Who could have thought it will be possible to earn money while spending it? Well, digital wallets have successfully adapted, implemented and executed the idea. Users are able to earn rewards in the form of cashback when they use digital wallets. The most popular example is Samsung Pay. Users of Samsung pay win gift cards, loyalty membership benefits, by using Samsung’s wallet and additional rewards. Apple pay is also on the same path to increase its userbase.
ONE PLACE FOR ALL:
The plastic cards which occupies all the space in your wallet will be now online. These e-wallets store all your cards, both debit and credit cards, loyalty programmes, rewards programs, coupon apps all at one place and protect it with your digital device. We will not have to worry about losing cash anymore because of the protective layers of tech security. Everything comes together in one place. While conducting a transaction you can directly scan your smartphone or any of your wearable device to pay to make it a quick affair.
The advantages of adopting digital wallet are not limited to customers only. The exponential growth of e-commerce is also forcing business to consider E-wallets to be on the top of their game.
TOP NOTCH CUSTOMERS EXPERIENCE:
Customer experience is what keeps businesses up and running. At the same time, customers are also very vocal about their shopping experience. Businesses are striving hard to provide convenient and fast experience. Digital wallets already have all the required information stored to make the checkout process easier and faster. Business owners can easily procure the important and required information through wallets and also appeal the customers by providing on the spot discount.
COMPLETE CONTROL OVER THE PAYMENT SYSTEM:
Third party financial institutions can be directly eliminated with the help of digital wallets. Bitcoin and other currencies can be adopted to complete the transaction without any hassle. Digital wallets provide business owners complete independence when it comes to a business transaction which could not have been possible in the absence of digital wallets. Also, customers will not have to pay the hidden costs for transferring money.
TAKES AWAY THE PlASTIC MONEY:
Recent stats state millennials are no longer fond of plastic money, most importantly credit cards. On the contrary, a higher preference is given to debit cards. E-wallets keep them directly connected with their funds and improvise the transaction quiffs usually involved in using a debit or a credit card. Business owners can set up prepaid cash services or integrate with wallets to provide their customers with a better experience.
A CASHLESS SOCIETY:
From the perspective of a customer as well as a business owner, a cashless society is where we are heading. Digital wallets introduced by tech giants such as Apple, Samsung, Google, WeChat are all gaining popularity and users are not hesitating to switch into the modern trends and bid a farewell to the stone age methods. Surely even banks are implementing steps to win the digital wallet war. But at the end of the day, the customers are the winners as all the trouble is for the customers. And to answer the question of digital wallets being a necessity or a luxury. Your smartphone being your wallet will be soon a necessity and a common site in coming days.
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