Most smartphones offer digital wallets that allow you to add your credit and debit cards, loyalty cards, and more, all in one place. It’s convenient, but some people still prefer to use a physical wallet. But not Generation Z.
The New York Times recently published an article titled “Young People Say It: Wallets Aren’t Cool. Go Digital,” which details how younger generations have abandoned physical wallets in favor of digital wallets. A survey cited in the article found that 79% of Gen Z respondents use digital wallets, compared to just 26% of baby boomers and seniors.
As a member of Generation Z, I too forgo carrying my physical wallet most of the time, including on the way to the office. So what are the benefits of a digital wallet? I’ve collected a few below for you.
1. No Clutter
The first is the most obvious: you reduce the physical clutter in your pocket or purse by replacing it with an invisible digital version. This not only allows me to avoid carrying a heavy wallet, but also allows me to be better organized.
We’ve all tried pulling one card out of our wallet and pulling out several others instead. With the digital wallet, you can see the face of all your cards clearly displayed on your smartphone screen and you can easily select the one you want. It’s also nice when you go to the gym to not have to lug a physical wallet from machine to machine or worry about keeping it secure in a locker.
2. Faster and easier transactions
In this day and age, our smartphone is always easily accessible. Whether it’s in your hand, in your pocket or in your purse, it’s never far away. This means that when you check out, board a bus, or enter a busy concert venue, you can complete a transaction more quickly with your smartphone than if you take the time to take your card out of your wallet or handbag.
For example, in the Paris region, it is possible to take public transport and validate tickets with your smartphone.
3. Forget the stress of forgetting
It used to be that if you forgot your wallet, you were limited to the cash you had in your pocket or had no way to make purchases. This situation can be particularly serious in an emergency, when you need a payment method, or a card of some kind, which is now in your digital wallet.
With digital wallets, even if you forget your wallet, you have a backup option that allows you to make all your transactions from your phone. So you no longer have to worry about misplacing your wallet, especially if, like me, you are constantly changing purses and sometimes forget to change wallets.
4. Theft or loss of the wallet is not a problem
If someone picks up your credit card off the ground or steals it directly from you, there is nothing stopping them from using it until you call the bank to cancel the card, even if you realize that she is missing. On the other hand, the likelihood of your smartphone being stolen is lower because most people, like me, are very attentive to where their smartphone is at all times.
Even if your smartphone has been stolen, to use your digital wallet you must enter some form of verification, which the thief would not have. For example, before making a transaction on my iPhone, I have to double-click the lock button and show my face or physically enter my passcode to make the payment.
5. Track your expenses more easily
When you use your digital wallet, you can view all transactions made with your card in the wallet without having to go to your bank account website or a mobile app. This makes it easier to track spending because you can see all your card transactions in one place, even if they involve different banks.
Additionally, you will be immediately informed of the amount charged to your phone. Not only is this convenient for tracking, but it also allows you to know immediately if there was an error in the transaction. For example, if a server recorded an incorrect tip or the item you thought was on sale wasn’t, instead of only realizing it later, you’ll immediately see the amount charged in the notification.
Signing up and getting started is easy
Android and iPhone phones have native digital wallets – Google Wallet and Apple Wallet – which are very easy to use. To add a card, simply enter your card details and follow the card-specific approval instructions, which may include verifying that you are the account holder, logging into your bank account, or even a call to the bank.
Source: “ZDNet.com”