EMBRACING THE DIGITAL SHIFT: WHY YOUR PHONE IS NOW YOUR MOST VALUABLE WALLET

It is an innovative time for human beings where technology is changing the way we do almost everything, especially for the younger generation who are accustomed to smart phones. Nowadays, managing your own finances is one of the biggest changes that has happened in your life. I believe using a digital wallet instead of a conventional one is the most reasonable decision you will make this year.

I will discuss the some of the most alluring reasons why I think having a digital wallet instead of a conventional wallet is the best course of action.

On the one hand, the number one reason why I strongly believe making a digital wallet is that you can get a lot of information. For example, you can check your own balance and neatly account for your money. Moreover, you can see some bills that have been issued with instant information through your digital phone and you will quickly receive it. Overall, you can process all the information without a simple push button.

On the other hand, one disadvantage of using a digital wallet is that you have to enter some confidential information into your phone which is dangerous for you. However, with the positives of using a digital wallet, there are some positives as well.

In conclusion, I believe that using a digital wallet is safe to use. It really makes your life easier. You just have to keep the phone with you all the time which is the most important thing.

A SLIMMER POCKET, A SIMPLER LIFE

No More Bulky Wallets

One of the most liberating benefits of ditching pocketbook fat and moving to a streamlined digital wallet is the disappearance of pounds: when your payment assignments are in your pocket – your phone – they subtract a huge amount of volume and pounds from what else you might be carrying around. A switch so simple, and everything is lighter and more organised by a swipe.

TRANSACTIONS AT THE SPEED OF LIGHT

Quick and Convenient Payments

In this fast paced world, time efficiency is crucial. When your phone is always within a reach, the presence of digital wallets allowed you to pay faster than with cash or card. Whether it’s tapping your phone at the checkout counter, boarding various public transportation, or at the entrance of event venues, it significantly decreases the time to buy goods.

NEVER FORGET YOUR ESSENTIALS AGAIN

A Solution to Forgetfulness

How many times have you been caught out somewhere without your wallet? From inconvenient to potentially very stressful, in an emergency situation forgetting your wallet at home can be a nightmare. By porting your most important cards and IDs to your phone and keeping them locked away on your so-called digital wallet, you never have to worry about being without your wallet again.

ENHANCED SECURITY AT YOUR FINGERTIPS

Minimizing Theft Risks

You don't have to worry about losing your wallet or having it stolen and the digital wallet offers an extra layer of security through the biometric protection found in today's smartphones (much higher percentage of people protect their phone than their wallet for example). In addition, thieves will think twice about attacking you on the street for a phone since you will likely fight back.

TRACK YOUR EXPENSES WITH EASE

Simplified Financial Monitoring

One of the most underappreciated features of digital wallets is their ability to let you quickly look up your expenses. All your transactions from all of your cards are now in one place, which makes it easier than ever to track your credits and debits without having to log into myriad online banking apps to do so.

YOUR ID, DIGITALLY ACCESSIBLE

Embrace the Future of Identification

And in addition to your money, your phone can now (at least in some US states) also act as your digital wallet for your driver’s licence. Again, your ID is available at your fingertips on your phone, always with you. But now that ID is matched with unmatched convenience and security. Your ID is not one more thing you have to remember to carry; it’s on your phone.

GETTING STARTED IS A BREEZE

Whether you’re #teamiPhone or #teamAndroid, setting up your digital wallet is easy. The apps Google Wallet and Apple Wallet walk you through one point of entry after another, prompting you at every step in the set-up process to add your cards and verify ownership. The transition from analog to digital is not just simple, it is un-cognitive.

OVERCOMING POTENTIAL HURDLES

What About My Phone's Battery?

Low battery life on a phone, the most common point of failure with digital wallets, is also less of a problem than it was years ago, thanks to the widespread availability of portable chargers and power banks.

Carrying Physical IDs

Notwithstanding the gains in digital ID, there is the painful reality that not all states are there yet. Finding a minimalist solution to keep your ID in your pocket with your now digital wallet is the price to pay, but a small one.

CONCLUSION: WHY YOUR PHONE IS YOUR NEXT WALLET

This shift toward the digital wallet is part of a larger trend toward reducing the effort and increasing the safety of our daily financial interactions. For instance, using our phones as digital wallets means that our transactional methods, IDs and possibly even reward card accounts are all ‘rolled up’ into a single tool. This is what we want – our day-to-day ‘must haves’ are consolidated as much as possible into one device. It would be difficult to put the same case forward for any transactional device that is not part of our phones. Each year, digital wallets get easier to use with increasing speed, decreasing cost, and ever-higher security protocols.

About Phone Advancements

The more you use more services in your phone, the more the underlying technology will improve. Get used to more secure phones, with longer battery life, and better user interfaces, as your phone becomes the centrepiece of how you manage your personal data, finance and even health (think digital wallets and telehealth).