Except for chip-and-pin technology and contactless payments, the evolution of payments has been pretty slow. But that’s all about to change thanks to the emergence of ‘digital wallets’ or ‘e-wallets’.
With four in five Australian adults already owning a smartphone, and Australia being one of the biggest users of tap-and-go payments in the world, we should be ripe and ready to adopt digital wallets—wallets in our smartphones.
To help you keep up to date with digital wallets, we’ve compiled everything you need to know about these fintech platforms so you can stay in the loop.
What actually is a digital wallet?
A digital wallet is when your phone works like an electronic version of your current wallet, allowing you to make cashless purchases. By linking your bank account to the platform, you can securely turn your smartphone into a debit/credit card, which you then tap at the cash register.
Most of us have our smartphone on us AT ALL TIMES, so this means no more fumbling around in your handbag or pockets looking for your wallet. Not to mention no more waiting around for a replacement card when you can just use your phone if you damage the original card or leave your wallet at home.
As well as instore use, these platforms also make online shopping or paying for your mobile plan a breeze. Once your card details are in the digital wallet app, you won’t need to then re-enter them once at the online checkout, simply access your digital wallet through your username and password.
Which wallet app?
Some of the most popular (and advanced) digital wallet platforms are designed by the very brands that make the phones and operating systems themselves. The digital wallet transactions themselves are the same—the only pros and cons are whether the app is available on your phone and whether you like it or not.
Apple Wallet & Apple Pay
Available on select Apple devices, Apple Pay lives in Apple's Wallet app. To access it, you’ll need an Apple ID that is signed into the iCloud.
The love child of Android Pay and Google Wallet. Google Pay is available for select Android devices.
The Samsung Pay app was the first platform in the country that’s available to customers of all the ‘Big Four’ banks in Australia. Samsung Pay is available on select Samsung devices and utilises both NFC (Near Field Communication) & MST (Magnetic Secure Transmission) technology.
The best digital wallet app?
Choosing the best app is up to you! Have a look at the different digital payment apps available and see if one of the interfaces feels natural to you. If it works and it’s secure, then that could be your perfect digital wallet, whether you need a wallet app for android or apple.