Predicting the Future of Digital Wallets and Their Impact on Consumerism
Article by www.creditcardprocessingblog.org
Summary: There’s plenty of attention surrounding digital wallets already, but with expanding technological developments, expect them to offer even more functionality.
The economy tends to change rapidly. While it might be difficult to believe, there are already places where cash is no longer viewed as a primary currency. This article will dive into where people are projecting the future payment landscape will be come 2020.
With a variety of different small business credit card processing systems already available to the public, there will soon be many more ways to pay for goods and services. For one, you’ll be able to lend people money or pay for an item anywhere, while still having a wide array of options to do so. Now, if you think about it, there are some stores where employees carry around their “register” on them via tablet or smartphone, which can function as portable credit card machines. While it might be cumbersome, it still paves the way for how consumers pay for things – as well as the speed at which it is done.
Security
The security aspect, which is obviously crucial to the overall payment system, is just as rewarding as the technological fascination behind the consumer experience. Hackers will have an extremely difficult time breaking through multiple encryption levels and if they do, be rewarded with gibberish and a bunch of nonsensical data. Each and every transaction is protected.
Bluetooth Will Be on the Rise
With smartphones already paving the way for merchant account providers and digital wallets, one feature that’s often overlooked in the phone is the Bluetooth feature. Sooner or later, consumers will utilize Bluetooth to provide an experience that offers high data transfer rates, premium sound quality, and more. That same technology can potentially be applied to mobile payments, so consumers might only have to bring their device near the product and agree to the terms of purchase. There may even be a time where people call wallets outdated.
