![]() Increasingly they are virtual cards, cards that don’t exist in the physical world, they are only digital credentials, generated by the everyday applications we use – not just the financial institution we bank with. What are those payment cards that go inside the wallet and are being used to make payments? They may be ordinary payment cards from a traditional bank account, but that’s not the only possibility. Many think they will have three or more of them, which, the study says, “is a notable change from the legacy model of carrying around a single leather wallet.” Here’s everything* you need to know about digital wallets like Google Wallet and Apple Pay, and why your business won’t want to be left behind this trend.Ī digital wallet stores card details and sits in your mobile device enabling you to make purchases online or in the physical world either by tapping it just as you would for a contactless card payment or checking out online without having to populate your card details.ĭigital wallets take payments to a new level of convenience and security.īut the wallet, as the word implies, is just a container. Research by McKinsey found that over two-thirds of Americans expect to have a mobile wallet within two years think Google Wallet and Apple Pay. ![]() ![]() Mobile wallets: taking the headache away from embedded payments cardsĬited as one of the top 5 payment trends to watch for 2023, digital wallet adoption is set to grow even further next year and beyond. ![]()
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