Digitizing Wallets: The future of Payments!

Think of a time you just walk into a store, pick up what you want and just go home. No standing in long queue to pay money, no hassle of counting the cash or no worry of forgetting your credit card on the payment desk. Oh let me clarify, I don’t mean picking up stuff for free nor am I supporting any sort of shoplifting. I am talking about future which is in digitizing payments completely.

With the concept of digital wallet picking up, this may not be a day too far. Very beginner versions of it are online shopping website specific wallets or payment gateway service wallets. They store your money with them and facilitate online payments without much hassle. But this is not it; there are more things to it which may be coming.

Here are some more variations to it.

 

1. Mobile Wallet App

Imagine a time when you want to pay 137.56 bucks to your friend, you take out your Smartphone; tap your Smartphone with your friends Smartphone and Woohoo it’s done. Its not something which is not doable, but is something very possible. An app working on multiple platforms could very well facilitate such payments using Bluetooth/NFC/IR etc features on most of the Smartphones in market.

2. Universal Card
How about storing all your cards and accounts in one card which works flawlessly and universally across any payment platform? This would definitely be priceless, right? That is what Stratos is doing and what Bitcoin also worked on doing. Although it is expensive at the moment, but with more companies working on similar payment methods, the pricing is certainly expected to come down.

3. Storing Money with your SSN or National Number
If within your country, every individual has a national number it is quite possible to link all your accounts and cards to your national number and get a service which will biometrically validate your identity and directly debit your account with the payment to be made.
There may be more variations to the similar concepts but seeing something coming up for use would be a very nice thing for sure. Also with that I believe this is future not just in easing the payment services, but also in tracking what and how people buy and probably eliminating problems of black money if implemented and imposed by governments.
Cash may not be completely removed but such services will definitely reduce the usage of it.

Mudit Khandelwal
Follow me

Mudit Khandelwal

Founder & Columnist at Venturepapa.com
Mudit Khandelwal is the founder and Chief Columnist at Venturepapa. He is an Electronics Engineer by education and has worked in multiple organizations with various businesses (small or Fortune 500). Always willing to be an entrepreneur, he started his entrepreneurial journey with an ecommerce website, later moving to software consulting and blogging (which happens to be his old time passion as well). Mudit is an avid traveller and you can find him going on nature trails very often.
Mudit Khandelwal
Follow me

Latest posts by Mudit Khandelwal (see all)