DIGITAL PAYMENTS
ING LLET ION The
E-wallets are gaining ground – especially among the younger generations . We track their progress and predictions
WRITTEN BY : JOANNA ENGLAND
use of cash continues to diminish across modern society , with notes and coins being seen as increasingly archaic in the payments world ; meanwhile , digital wallets – also known as e-wallets – are thriving .
E-wallets are essentially financial transaction apps that can be run through mobile devices . They securely store payment information and passwords , allowing users to pay via those devices rather than carrying around payment cards . Setting one up couldn ’ t be simpler : the user downloads the app ; enters their credit card , debit card , or banking information ; and then uses their device as a contactless payment portal through tap-to-pay tech .
E-wallet technology innovations According to reports , the very first e-wallet – established as far back as 1997 – was linked to the first digital payment system . Coca- Cola built a payment system that enabled transactions to be carried out via text message , allowing them to buy soft drinks through their mobile phones . This event was the launchpad of the modern day e-wallet , although the systems and solutions employed today operate on multiple levels , such as online and point-of-sale .
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