The First Digital Wallet Manager: What Consumers Need To Know

Must Read

WhatsApp Might Lose 60 Million Indian Users Post Updated Policy Changes, New Survey Reveals!

The Facebook-owned instant messaging platform’s decision to update their privacy and terms of service brought about a...

Uber and Ola In Hot Water: India Authorities Launch Fresh Probe!

The Directorate General of Goods and Services Tax Intelligence (DGGI) sent a summons to Uber and Ola...

Happy B’Day Gordon Moore: One Of The Founding Fathers Of Silicon Valley

Gordon Earle Moore co-founded the paramount Intel Corporation (NASDAQ: INTC) with Robert Noyce in July 1968, which is worth $204.16...

Once digital wallets finally claim the hearts and pockets of shoppers, consumers will never again have to shuffle through an overloaded wallet only to find a bunch of maxed out or expired credit cards. They will never again have to worry about forgetting their bankcard at the bar or losing a paper buy-one-get-one-free coupon. Using a digital wallet, consumers can organize all of their accounts on their phone, and soon, they will be able to buy almost anything and everything with a quick swipe, tap, or push of their phone’s screen.


During the past few years, wallets have gotten smaller and smaller. They are no longer home to photographs as those jumped onto smartphones ages ago. An increasing number of smartphone users are already using their phones to save coupons, which can be scanned and redeemed in stores. As mobile wallets rise in popularity, consumers will be able to store all of their credit cards, transit cards, and even gift cards on a convenient smart phone app, reports ABC Local.

Digital Wallet App

Phones, unlike conventional wallets, can be locked in ways that prevent thieves from accessing their information, explains Bloomberg BusinessWeek. Plus, if a digital wallet manager is ever compromised, it should only take a single phone call for the consumer to disable all of their connected accounts. Convenience may be the biggest reason why consumers will eventually embrace this trend, but once consumers are fully armed with digital wallets, they will also have the tools to organize their money better. With everything conveniently located in one spot, it will become easier for consumers to track their balances and their spending habits.


The First Cross-Platform Digital-Wallet Management App

In late June of 2013, Urban Airship released the first cross-platform digital-wallet management app. Able to hold data on all of a user’s accounts, from an AMEX business credit card to your Starbucks gift card, Wallet Studio offers consumers a secure way to keep accounts organized, explains Venturebeat. If an account is approaching its credit limit or if a transit ticket is due to expire, the app reminds consumers so that they can respond to the matter promptly.

This presents a huge change in the way that consumers will pay for products and services, but it will also change how consumers are marketed to. Urban Airship, the creator of Wallet Studio, wants to create new advertising opportunities for marketers. Consumers with digital wallets can expect to see more digital offers and coupons being sent directly to their pocket.

Secure Wallets Versus Cloud-Based Wallets

Mobile app developers lead the pack when it comes to the use and development of mobile wallets. But as the Huffington Post explains, financial institutions and mobile carriers are just behind them in these efforts. As these institutions are preparing for the digital wallet revolution, some of them are looking toward secure mobile wallets like Wallet Studio or Isis, while others are more interested in cloud-based solutions like those created by PayPal, Square or Google Wallet.

With a secure mobile wallet, consumers link their accounts directly to a mobile phone app. With a cloud-based service, on the other hand, consumers link their accounts to a cloud-based server, and their phone simply acts as an intermediary in the process. Ultimately, consumers will get to decide which path is right for their needs, and their choices may play a big role in the evolution of the digital wallet.


Please enter your comment!
Please enter your name here

Latest News

Snapchat Spotlight: A New Way for Creators to Earn Money

Short-form video applications have increased overwhelmingly in popularity in recent times. The surge in this format of...

COVID-19 Unemployment Leading To Ageing Indian Workforce, CMIE Reports

The latest data shared by the CMIE aka Centre for Monitoring Indian Economy has highlighted a huge red flag.

The Slip-Ups Keep On Coming: WhatsApp Web Users’ Mobile Data Leaked On Google

As the developments have unfolded over the past week, the clock for WhatsApp seems to be ticking with every passing minute and...

Trump Administration Has Landed Its Final Blow On Chinese Companies: Xiaomi Blacklisted!

In its recent move to safeguard national security, the United States’ Trump Administration has decided to go after China’s second-biggest smartphone marker...

Huawei Is Gunning For Acquiring A Fifth Of Android’s Userbase With Its Own HarmonyOS!

After Google’s ban on Huawei in 2019, the Chinese-origin tech company is all set to roll out HarmonyOS later in 2021 as...

Battle Lines Are Drawn: Qualcomm’s Latest Acquisition to Challenge Apple, Intel

The quest to gain supremacy creates a butterfly effect for sure. With the challengers and the champion pulling out all stops to...

In-Depth: Dprime

Will ‘TikTok By Microsoft’ Be A Winner?

For the last two years, TikTok has been in the public eye for all sorts of reasons. First, it was the exploded...

Facebook Subscription Model: Looking Beyond Ad Dollars?

Seldom do job listings create a stir this gripping. However, when the job listing in question is a stealth post from Twitter,...

Will The Online Food Delivery Market in India End Up Becoming A Two-Horse Race?

It's pretty much evident that the food delivery space in India is all set to get riled up soon enough as one...

More Articles Like This