Payment Processing

COVID-19 Caused The Death Of Physical Wallet- The Rise Of Digital Payment

Digital payment has become an integral part of the modern lifestyle. After the arrival of COVID-19, people have started to maintain social distancing. As a result, the number of physical wallet transactions has been drastically decreased. Digital payment is capturing the market of physical payment. People are embracing the new ecosystem of online payment. According to a report, nowadays people have multiple credit cards, debit cards, loyalty schemes, healthcare cards, and many more. But, all these things make the pocket heavy. This is why people are reducing these things.

Well, with the advancement of technology, the mobile wallet has gained huge popularity. Mobile payment application has the capability to replace all these credit cards and debit cards. Consumers can store their card details in the mobile payment application. Moreover, the mobile payment application is secure and reliable. People do not have to carry multiple cards and wait in the queue for making payments in the shop.

According to research done by PayPal, the number of people carrying cash has been remarkable decreased. People have now realized the positive outcomes of technology. They are preferring contactless payment modes instead of cash payment. Moreover, it is easy to carry a single credit card instead of notes and coins. In case of emergency, cardholders can withdraw money from the ATM as well.

Is It The End of Physical Wallet?

Well, the big company, Apple believes that it is the end of the physical wallet. It is the era of digital payment. The brand has recently made a patent for nee technology. It will allow the users to verify their identity without showing any ID card, driving license, or passport. Users have to upload their personal details such as ID card details and other required things to the digital wallet system. So, it will verify the details against the national database.

The Apple Pay application is beyond our imagination. At least, Apple is thinking so. The company will be making some remarkable development in its payment application. The digital payment app will not be used only for making digital payments. It can hold a driving license, passport, and another important thing.

In short, everyone has a smartphone nowadays. So, the company is trying to put everything into the smartphone. As a result, customers will not have to carry multiple things. They just need to have a smartphone and it will do all the important tasks flawlessly.

In addition to this, the biometric smart card is another efficient addition in the 21st century. It will replace the physical payment card.

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