Guest Post: Good Bye Coins, Hello Digital Wallets!
NOTE: Today’s guest post is provided by Sensei at BankNerd.ca, a finance blog with the goal to inform Canadians on information related to the banking industry. You can follow them on Twitter (@BankGuru).
A few months ago we saw Google unveil their Google wallet, which is a digital wallet that allows users to make purchases with nothing but their phone.
Now you might be asking yourself, what can a digital wallet really do for me? Realistically, you have gone practically your entire life keeping a wallet on your or purse, and it my have never dawned on you that it could change.
Well I for one am ecstatic to have a digital wallet at my disposal.
What makes a digital wallet great?
The fact is a digital wallet will allow you to make purchases without having to constantly keep your wallet on you, or even half the amount of plastic you normally do.
Digital wallets will be able to free up your pockets, and allow you to still continue your day like nothing has every changed.
A great example of a digital wallet being a great asset to you is if you were to go out for a run. You will most likely keep your phone on you as the majority of smartphones can be used as mp3 players. Instead of weighing yourself down with your wallet when you are running, you can just keep use your digital wallet, which is made accessibly through your smartphone.
Digital wallets are the future, and could quite possibly lead to a cashless future. Well at lease a coinless one.
How can a digital wallet erase coins?
When you think about it, most people use their change for small purchases, like a cup of coffee or some sort of beverage. With digital wallets at your disposal you will not need to carry coins for those purposes again.
You do not need to worry about breaking up any bills, you can just pull out your smartphone and make the purchase.
In the end a digital wallet will only make your life easier. It will also allow you to ensure that you are able to track your finances better seeing as you will be using a method to pay for your purchases that can be linked to your debit or credit card, both of which have ways to view your transactions.
What do you think of a digital wallet? Will it make your life easier or harder?
10 Responses to “Guest Post: Good Bye Coins, Hello Digital Wallets!”
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Love the idea, but I would need a smart phone with a longer battery life before leaving my purse at home. And it's not the cards/cash I carry … it's my ID, too. And rewards cards, coupons, gift cards, etc. I know all of that and more will be (and some already are) available via smartphone. But try redeeming an email/internet coupon via phone in a brick and mortar store. Nothing but blank stares and refusal o accept it without the paper they can put in their drawer to justify the discount. Merchants will need o propel into the future, and it's the smallest of them that will have to lag behind.
Totally agree. I love the idea, I just don't know how practical it is right now. It will take a long time for it to be come standard, and all merchants to understand the technology.
I love the idea of its convenience in terms of not carrying your wallet around with you (and therefore minimizing the risk of losing it/having it stolen), but I also agree with Amy about the coupon issues and how merchants need to get on-board with the latest technologies. And I have to admit that at least a small part of me is skeptical that my information will be kept safe, although I already am paperless for everything and I use online banking, etc.
My recent post "Yeah, I Come From Money"
Interesting idea, but I'm not a fan. In the same way that credit cards make spending money easier, I think a digital wallet would even further that, since (I assume) all your accounts are loaded onto the phone. And what happens if you lose your phone, which (among people I've met) is far more common than losing your wallet.
Also, who takes their wallet on a run?
My recent post Three Things I'm Thankful for This Thursday
This might be a way to get around debit fees at banks? Interested to hear more about how the banks get their cut…
I hate the idea.
Way too easy to have your phone stolen and then you have the potential hassle of identity fraud over and above the fear of someone else wiping out your life savings with a few purchases.
Plus it'll only work with a smart phone and that means shelling out another monthly fee for a data plan. Then what do you do when your phone breaks down, loses battery power or you're in an area of no coverage . . . use cash right?
My recent post Waterpark
I would love this. I have a ginormous container of unused coins that I don't know what to do with. This whole idea seems very Back to the Future-ish, and convenient.
My recent post Day 253: Milk, butter or eggs?
I agree that it would be more convenient to have everything on one device. I'm loving my iPhone, which I actually purchased because I lost my iPod one day while I was trying to juggle my phone and music player. It's hard to keep track of everything so putting it all into one would be great. The issue is the same as what I have with my smartphone right now.
Sometimes I'll be low on battery and I have a long bus ride ahead of me. I can't listen to music or surf the web because I'll lose my phone in the process. Adding the digital wallet would mean that there will be cases where I have to sacrifice using my phone because I need access to money. And what if it's an emergency? I would have to sacrifice one hoping I made the right choice. Putting all your eggs in a basket is risky, but again it's a lot easier to keep track of all of them if they're in one place so I'm on the fence.
My recent post Riding the Rocket: Part 1
Hate it. I've lost a phone, never a wallet/debit card. It requires a special reader, which stores will have to buy, and pay per-use fees for stores (like those for swipe cards), which they will again pass on to the consumer. Price of business goes up, even for those even using cash. Yay for more inflation with no corresponding wage increases.
I agree with some of the earlier comments. First as GraduateLiving mentioned this would make it even easier to part with money without really realizing the magnitude of how much you may be spending. I also do not think that most phones (aside from the BlackBerry) would be secure enough for this feature…and what if the phone gets stole. Plus I really like my wallet…it’s pretty and I like showing it off. That is all.