Premium Essay

Digitial Wallet

In: Business and Management

Submitted By cookieliu2009
Words 865
Pages 4
A digital wallet is an electronic device that allows an individual to make electronic commerce transactions, which means that with a digital wallet, consumers can purchase products in a store or on-line with their mobile devices. Digital wallets are being made not just for basic financial transactions; it can also contain holder’s identification and all the information about coupons, discounts and credits awarded by merchants. In the future, a digital-wallet could potentially verify the age of the buyer to the store while purchasing alcohol. | Digital wallets are expected to be big business. By 2014, the market will reach a massive $245 billion. The shift is coming rapidly, as payment methods are moving away from credit cards, debit cards and cash to smartphones, tablets and other mobile devices.There are a lot of concerns rising about digital wallets lately. Many argue that digital wallets will never succeed due to its privacy and security problems. Here are the answers to some of the concerns raised by consumers and those answers will show that digital wallet is a market trend and have its potential to be a huge success. | Concerns are heightened when considering the complexity of a digital-wallet transaction, especially compared to the simplicity of cash or straight credit. In the case of a smartphone, the data passes through not only the smartphone's hardware and operating system but also through a specific payment app, and finally, the source of the payment, such as your bank or PayPal account. Some argues that the more parties involved, the greater the chances that one of them could experience a security lapse on any given day.In fact, digital wallets have redundant integrated protections. For both online and offline purchases, your digital wallet relies on digital certificates. Digital certificates are simply attachments to electronic correspondence that...

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