Our society is moving towards carrying less cash because it is easy to make purchases with payment cards, and keeping track of our spending is easier online. However, even cards tend to bulk up and weigh down your wallet. The time may have come to switch systems again for something you've always carried: your smartphone.
A digital wallet is a software-based technology that discreetly maintains the payment details and credentials of consumers for a variety of payment methods and services. With relatively close communications technology and a digital wallet, customers may make transactions fast and simply. They can also generate more secure passwords without having to worry about remembering them afterward. That is why App Development Company in Los Angeles are turning towards mobile payment systems, which allow users to pay for products using their cellphones. These systems can be used in conjunction with digital wallets. Loyalty card information and digital vouchers can also be stored in a digital wallet. Top mobile app development agencies have found potential in digital wallet technology. According to an assessment of customers' use of mobile wallet services in the United States, Google Wallet has a 14% utilisation reach. Apple Pay was placed fifth, with a use rate of 12%. PayPal came out on top, with 76% of online shoppers using the service.
Let’s get deeper into some of the known players:
TOP DIGITAL WALLET COMPANIES
GOOGLE WALLET
To make payments, all you have to do is wave your smartphone or tap it on the NFC machine at the checkout counter, instead of tapping your credit card on the machine. It will be able to detect your Google account's payment card details. Google Wallet utilises Near Field Communication (NFC) technology, which is sadly only accessible on a limited number of mobile phones and tablets. You can leave your wallet at home if you link your debit or credit card to your Google account, but it currently only works with phones and credit cards from the United States, and only in the United States.
PAYPAL
Another well-known service that allows users to send money to other PayPal users and friends is PayPal. You may send money to other users using the app on both iOS and Android, exactly like you would on the PayPal website. It also enables you to see a detailed history of your previous transactions.
VENMO
Venmo is a money-transfer software for iOS and Android that allows you to send money to pals. After you've created an account, you may link it to a bank account, credit card, or debit card. It works in a similar way as PayPal, but exclusively between two Venmo users. Sending funds is similar to sending an email to a friend, but with the addition of the amount you want to send. You may also send a message to your friends on Facebook, Twitter, or Foursquare to let them know about the purchase.
APPLE’S PASSBOOK
Apple's Passbook, which debuted in iOS 6, uses 2D barcode scanning to help you navigate your movie, concert, and airline tickets, as well as loyalty cards and coupons from select retailers. As a consequence, you'll get notifications depending on your location and time when you're near a café where you can use your loyalty card or when your airline, movie, or concert ticket is about to expire.
CHIRPIFY
Chirpify allows you to purchase, sell, transfer, and receive money using social media applications like Twitter and Instagram. To pay or receive money, you must first create an account on their website, which uses PayPal. If you're selling things or would like to run a fundraiser, you can create a listing on your account. The Chirpify member who buys your item mentions 'Buy' on Instagram and the sale is completed.