What is a Digital Wallet?

A digital wallet is a technological advancement which summarizes your wallet into an electronic form. Comprised over your mobile device the digital wallet allows you to complete transactions via your phone and terminal. The wallet can hold multiple cards as well as offer loyalty programs and rewards. NFC capability means that your e-wallet is safe and secure. Digital wallets are currently being developed by many mobile companies and banks. You may soon be a little less cluttered and a little more tech savy due to the digital wallet.

• It contactless payments nearly anywhere
• It used to store "Loyal cards" "Credit and debit cards" 
• All information stored on NFC sim card.

There are many articles explain the function of Digital Wallet in details to us:
"What is Google Wallet" by Nathan Chandler, http://electronics.howstuffworks.com/google-wallet.htm
"How Digital Wallet works" by Nathan Chandler, http://electronics.howstuffworks.com/gadgets/high-tech-gadgets/digital-wallet.htm

Advantages and Disadvantages of Digital Wallet

Google Digital Wallet as a newly advanced technology product, it has gained a world wide attention and become popular in business world. however, as a product it is not only have positive sides, but also downsides.

The positive features of Digital Wallet:

• Convenience
• Modern
• Easy setup

The negative features of Digital Wallet:

• NFC sim card required
• Tech support
• Security
• Battery Life

Here are some related article that can guide you to know more about Digital Wallet:

"Blogger exposes major Google Wallet security flaw" by Brad Reed 

http://www.itworldcanada.com/article/blogger-exposes-major-google-wallet-security-flaw/45962

"5 things to know about Digital Wallets" by Rex Crum 2012:

http://www.marketwatch.com/story/5-things-to-know-about-digital-wallets-2012-11-29

A CTV News video: The benefits of digital wallet

https://www.youtube.com/watch?v=BqsuHn9A2Vw

The NFC Chip and the E-Commerce

NFC is a set of standards for smartphones and similar devices to establish radio communication with each other by touching then together or bringing them into proximity, usually no more than a few center meters.

 

The NFC chip within digital wallets have raised the E-commerce significantly. Here is a diagram shows the raise of E-commerce by digital wallets.

Here is an article that further introduce the use of NFC chip in Google digital wallet: "With wallet update , Google promises continued NFC investment" by Matt Hamblen, 2013:

http://www.cio.com/article/2382449/mobile-apps/with-wallet-update--google-promises-continued-nfc-investment.html 

Who does digital wallet impact?

Web of all people impacted! We categorized them into three groups:

• Large Business
• Small business
• Consumer 

Here is a diagram shows the use of digital wallet:



For example, Master card has brought digital into Australia and Canada.
"MasterCard brings digital wallet to Canada" by Brian Jackson, 2013:
http://www.itworldcanada.com/article/mastercard-brings-digital-wallet-to-canada/47634

"MasterCard plans digital wallet for Australia" by Sandra Van Dijk, 2001:
http://www.itworldcanada.com/article/mastercard-plans-digital-wallets-for-australia/31267

"Visa's digital wallet V.me now available for 55 million US customers" by Loek Essers, 2012:
http://www.cio.com/article/2390355/mobile/visa-s-digital-wallet-v-me-now-available-for-55-million-us-customers.html

Here is a diagram shows the use of digital wallet by US customers:

All related articles and links about digital wallet

"Dark Wallet --- Threat or no Threat?" by David Geer, 2014:
http://www.cio.com/article/2376053/security0/dark-wallet---threat-or-no-threat-.html

"MasterCard brings digital wallet to Canada" by Brian Jackson, 2013:
http://www.itworldcanada.com/article/mastercard-brings-digital-wallet-to-canada/47634

"MasterCard plans digital wallet for Australia" by Sandra Van Dijk, 2001:
http://www.itworldcanada.com/article/mastercard-plans-digital-wallets-for-australia/31267

"Visa's digital wallet V.me now available for 55 million US customers" by Loek Essers, 2012:
http://www.cio.com/article/2390355/mobile/visa-s-digital-wallet-v-me-now-available-for-55-million-us-customers.html

http://en.wikipedia.org/wiki/Near_field_communication

 "With wallet update , Google promises continued NFC investment" by Matt Hamblen, 2013:

http://www.cio.com/article/2382449/mobile-apps/with-wallet-update--google-promises-continued-nfc-investment.html 

"Blogger exposes major Google Wallet security flaw" by Brad Reed 

http://www.itworldcanada.com/article/blogger-exposes-major-google-wallet-security-flaw/45962

"5 things to know about Digital Wallets" by Rex Crum 2012:

http://www.marketwatch.com/story/5-things-to-know-about-digital-wallets-2012-11-29

 http://en.wikipedia.org/wiki/Digital_wallet

"What is Google Wallet" by Nathan Chandler, http://electronics.howstuffworks.com/google-wallet.htm

"How Digital Wallet works" by Nathan Chandler, http://electronics.howstuffworks.com/gadgets/high-tech-gadgets/digital-wallet.htm

http://www.gpayments.com/pdfs/GPayments_eWallet_Whitepaper.pdf

http://www.badersaville.co.uk/wp-content/uploads/2013/08/Why_The_Digital_Wallet_Wa.pdf

http://www.google.ca/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&ved=0CB4QFjAA&url=http%3A%2F%2Fwww.sapient.com%2Fassets%2Fimagedownloader%2F832%2Fthinisinthefutureofdigitalwallets.pdf&ei=IHfQU5vxKei1igKk2IDYBw&usg=AFQjCNG9bNWdORNTVUxHqYN5vbc-Da9-Vg&bvm=bv.71667212,d.cGE 

http://electronics.howstuffworks.com/google-wallet.htm 

http://itac.ca/files/2013_april_16_digital_wallet_presentation.pdf

http://www.mahindracomviva.com/ResourceCenter/White%20Papers/ComvivaDigital%20WalletFinal.pdf