Major IT Players are Coming up with Digital Wallets

Posted: Jul 01,2015

The IT industry is making many impossible things possible. This latest development was on the anvil for a long time. The smart phones are about to replace the traditional and typical wallets in the near future. Even today people use paper currency and plastic money for making their daily transactions in a store. This can change very soon since three tech majors are offering shoppers many reasons to go for “digital wallets”. Apple is a statement said that it is adding store issued credit cards and store reward programmes to its Apple Pay which is its mobile payment service. Google is preparing a similar kind of service and this will run on its Android software. This service will be available to its millions of users. Samsung has also promised a similar kind of service for its latest Galaxy smart phones and this will be accept in greater number of stores than Apple Pay or the Android Pay. But usage of mobile payment services is still in its nascent stage. According to a research firm sixteen million shoppers in USA used smart phones to make payment of store purchase of $3.5 billion only last year. But this number is actually a very small amount of $4.3 trillion spent in stores in the last year. The IT industry has constantly failed to get this project off the ground as the big players in the market disagreed on technical standards, security issues and financial matters. But now there are experts who are convinced that this will attract more shoppers.

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