How Does Digital Wallet Affect Our Lives?

Digital wallets are now widely spread around the world, but not in some African countries. This is due to lack of experience to deal with non-cash payments such as credit cards and checks. [Citation?] The benefits of using mobile payment or digital wallet can be compared with the traditional payment methods. There are few factors are used to consider the advantages of mobile wallet. For example cost, convenient, acceptance by merchant and security. [Citation?] All these factors mentioned are applied to both traditional and mobile payment methods, but in the case of ability to monitor the account balance from any location, is especially relevant to mobile payment.

According to the article done by Hayashi and Fumiko, they has stated that digital wallet can be encourage or discourage by the factors mentioned previously . They concluded that the level of convenient and the ability to monitor the account balance are the main factors that have encouraged U.S. consumers to adopt mobile payment. Generally, there are two methods of mobile payment that can be discussed. First of all, transaction can be made by person-to-person via a mobile device. This may includes [include, not includes] the non-commercial and commercial payments. Second, mobile payment can be initiated from mobile devices at any locations, such as restaurant, grocery store, or gas station. This is known as mobile payments at a point of sale; POS. This is the method where vast consumers considered about. [Citation?]

On the other hand, NFC, also known as near field communication (NFC) is a technology that allows smartphone users to communication with other electronic devices by touching each other. [Citation?] The information transferred is through the transmission of radio wave. This is a well-known technology among Android-based smartphones’ users who used Google wallet to make online payment. However, NFC has the same disadvantages as others digital wallets. The function of NFC is depending on...