Pros & Cons Of Digital Wallets & What It Means For VARs

By Samantha Kalany, BlueStar

As millennials continue to drive the overall percentage in mobile device usage, it has become clearly evident just how important these smart phones have become. More than just phone calls, text messages and social media, users are able to make purchases from their own digital wallets embedded into their phones. One’s mobile wallet electronically manages payments and other activities that would typically be handled by physical plastic cards. A tap or a scan across the retailer’s payment terminal will finalize one’s transaction and it’s as simple as that. Apple Pay, Google Pay, and Samsung Pay are the hardware-specific wallets that smartphone users are offered to help complete these mobile purchases.

DIGITAL WALLET USAGES

• Mobile Payments
• Loyalty Programs
• Bank Accounts
• Health Insurance Cards
• Age Verification/Identification Information

BENEFITS OF DIGITAL WALLETS

Users who utilize digital wallets are satisfied with saving time and convenience. While they are making a purchase, these five benefits often come into play.