Digital Wallet Summit
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What is a digital wallet?
Digital wallet is a system that allows individuals to make financial transactions electronically that securely stores users’ payment information and passwords for numerous payment methods and websites.
By using digital wallet, users can complete their purchases easily and quickly by linking the individual’s bank account to the digital wallet which can be used for booking movie tickets, taxis, flights, events, amusement parks, hotels, shopping as well as purchasing gift cards, They can also be used to store loyalty card information and digital coupons. Digital wallets can be used in conjunction with mobile payment systems that allow customers to pay for purchases with their smart phones. The digital wallets hold the digital cash & the digital certificate with the digital signature, as well as billing, shipping and the payment information for online transactions.
Why is it necessary in our country?
The government’s move on Demonetisation and to call off the Rs 500 and Rs 1,000 notes has come as a bonanza for the digital Wallet and to not cause inconvenience to the public.
The digital wallet gives its users the option to transfer their information securely and accurately. This simplified approach to completing transactions results in better usability and ultimately more utility for the customer. Digital wallets are being made not just for basic financial transactions but to also authenticate the holder’s credentials. For example, a digital-wallet could potentially verify the age of the buyer to the store while purchasing alcohol. This easy to use, safe and have faster payment process will be a boom to the ecommerce economy.
How it will change our lives?
Digital wallets largely eliminate the need to carry a physical wallet. There are dedicated digital wallet devices where it’s a physical device holding someone’s cash and cards along with a Bluetooth mobile connection.
As currency disappears, people are turning to online options and Digital Wallet are increasing exponentially in India and the habit of using the traditional wallets are decreasing day by day. These wallets in the future would be used by the consumers from all walks of life. The digital wallets have become popular because it is easy to use, safe and have faster payment process.