For a long time, we have known money in physical form – as coins and notes. But, nowadays, we have intangible money (e.g., electronic money and digital currency), which exists as entries in bank records or stored in e-wallets and transferred via electronic transfers.
The popularity of e-wallets goes hand-in-hand with the growing acceptance of online shopping, contactless payments, and cryptocurrency transactions.
The technology behind e-wallets is also constantly evolving and improving, a great indication that the use of e-wallets will become more secure and accessible in the future.
If you want to learn more about the latest technological developments concerning e-wallets, here are five popular e-wallet technology trends you need to know.
Doing Digital Transactions Using Smart Speakers
It’s common to see smart home assistants in many homes nowadays. The first of these smart home assistants is Amazon Echo, which was launched by Amazon in 2014.
It’s a smart speaker powered by AI technology, which you can control through voice commands.
The rise of smart speakers is a great development for tech experts working in the e-wallet industry because AI-powered smart speakers can now be used for e-wallet transactions.
For example, you can command a smart speaker to transfer money to another person or buy stuff online.
We have seen how Artificial Intelligence technology is making waves in the world today. As mentioned earlier, we already have smart speakers powered by AI.
Now, e-wallet developers are looking to incorporate AI-powered chatbots to help users in their various concerns and make online transactions more convenient and efficient.
Chatbots powered by Artificial Intelligence can make your online shopping or e-money transfers easier.
If you have issues about a certain feature or product, AI chatbots can assist you with your concerns because they use machine learning algorithms to engage with users/customers.
Near Field Communication (NFC)
Contactless payments are now widely used, especially in these times of the Covid-19 pandemic, when we have to do social distancing to prevent the spread of the virus.
With Near Field Communication, for instance, you can now make payments at shopping malls and bus stations using your NFC-enabled smartphone.
Apple Pay, Google Pay, and Samsung Pay – the top e-wallet platforms in the world right now – are also incorporating NFC technology to ensure that their users won’t have any hassle in conducting contactless payments.
You only need to activate the NFC feature of your smartphone and place your phone near a point of sale terminal device to proceed with the payment.
Then, encrypted data from your phone will be transmitted to the POS device using close-proximity radio frequency identification to complete the transaction.
Storing Cryptocurrencies in e-Wallets
Despite the volatility of the cryptocurrency market, the number of cryptocurrencies is still growing.
Along with the popularity of cryptocurrencies, e-Wallets that use Blockchain technology are also on the rise.
Using cryptocurrency-based digital wallets is crucial if you want to start investing in cryptocurrencies.
Such e-wallets allow you to store cryptocurrencies for security and perform cryptocurrency transactions.
You can download a cryptocurrency e-wallet on your smartphone. But make sure that you’re connected to the internet to buy, sell, or transfer cryptocurrencies.
For mobile data users, don’t forget to recharge the credits of your smartphone with this ding top up for that purpose.
Biometric Authentication in Mobile Devices
Biometric authentication in mobile devices benefits a lot of users because it makes e-wallet transactions more secure.
Now, we have a fingerprint, facial, and iris recognition to verify the identity of users and prevent online frauds and hacking. With biometric authentication, the trust of people in e-wallets has increased.
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The latest developments in e-wallet technology are beneficial not only to developers and companies working in this industry but also to users.
As technology is continuously evolving and improving, e-wallet transactions are becoming more efficient, convenient, and secure.