Digital Wallet Analyze And Market Share In North America

12. _________________ is a technology that allows cardholders to make purchases with a single click from their mobile devices.

20.) Smart card A smart card is a plastic card about the size of a credit card, with an embedded microchip that can be loaded with data, used for telephone calling, electronic cash payments, and other applications, and then periodically refreshed for additional use.

Unlike a security access card with a magnetic strip, the smart card has many uses, including building access control and storing value for consumer purchases.

Pay by tap credit cards: This is a permanent physical data storage mean where all credential data is on it, it’s kind of like a black box container where you can use the information store on this piece of object, since this kind of object is easy to steal by an entity, therefore it should be considered as a threat.

Now it is made possible for you to pay with your phone. When it is time to swipe your card you now have the option to scan your card information of which you have saved from previous purchases through Internet based methods. You can save multiple cards at a time; all you would have to do is choose the card you would like to use. You can also transfer funds from one person to the other, same format as a bank but

Among the ubiquitous names on the internet, PayPal falls in that category. It has expanded tremendously over a given period and continues to grow. With the expansion of internet businesses and the amount of transactions that are performed via the World Wide Web, PayPal is considered to be a major solution that one should not overlook when it comes to payment transactions (Balderas, 2011). A merger between Palm Pilot payment systems and X.com, PayPal was born in 1998 and has been making headlines ever since. PayPal has risen to a meteorically massive position by performing online payments. One thing that makes PayPal successful is because consumers and businesses continue to need the services. PayPal holds more than a hundred million active

There are differences in the implications for those who use prepaid cards and those who use digital payment services. Prepaid cards are used to make financial transactions just like those carried out by credit cards, but their market is catered toward those with lower incomes – roughly 23 million Americans. Digital payment services, however, are more likely to be used by those in the middle-to-upper classes. Digital payment services must be tied to credit cards and bank accounts. This difference in market share results in different impacts for prepaid card and digital payment service users. The implications for digital payment service users relate to fees, market share for the companies, transaction times, and data security. The implications for prepaid card users relate to

A step further from using internet and near field communication (NFC) for authentication, reliability and convenience using mobile UID’s. One such system platform is PayTM. Using PayTM ’s flexibility in using different modes of payments to highlight benefits of using such a common interfacing technology. Keeping that in mind, business model of PayTM as a reference a common digital wallet interface is a possibility for future use. Within the model the wallet stores the amount in currency units which is used to make payments/purchases online and offline. The amount is credited using the Credit, Debit card, fund transfer or Kiosk payments. Using wallet acts an extra layer for information security, ending need for a payment gateway during the actual transaction as the buffer memory of the mobile device itself stores the information which updates periodically as and when the device connects to the internet, matching transactions with online cloud server. With the wide array of options for connecting to the internet including public, dedicated wifi and data connection it is simple, affordable and much more achievable goal.

Since this technology is so new, we first have to look at how it work by looking at what we do know so far. Apple Pay’s speaker, mentions that users will start off by entering their card into a secure app called Passbook. Passbook is a secure app made by apple in which adds another security layer to the iPhone. The apps purpose is to keep track of users: debit cards, credit cards, iTunes cards, boarding passes, and etc. When the user goes to add a debit or credit card to Passbook, the user normally has a couple of choices they can choose from. They can either add their default card they use for iTunes purchases or they can enter in a new card. When they enter in their card in manually they

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You know consumers want the convenience of using digital wallets. More and more people are turning to mobile payment options. Nearly three out of four people trust their “traditional card” providers over other options, according to Accenture Research. Their

The online payment marketplace is experiencing an explosion of innovative ideas, plans, and announcements, which one commentator has likened to a “goat rodeo”, a chaotic situation in which powerful players with different agendas compete with one another for public acceptance, and above all, huge potential revenues. Others liken the payment marketplace to a battle among the four platform titans Apple, Google, Facebook, and Amazon. Each of these titans have their own versions of a future payment system that challenges the other players. And let’s not forget PayPal, the reigning power in alternative online payment, or the credit card companies who process over 70% of online payments, or the

On the other hand, the NFC technology has become the basic function of the smartphone. This technology enables the smartphone become the Octopus card reader and make payment. It makes possible for the Octopus

Digital payments allow for services to be delivered at lower costs, afford greater scalability and greater ease of access. This

Nowadays, online wallets are basically in trend and eminence. This is so because they are used for different kinds of convenience, advantage and accessibility. Not only this, but the online wallets are also used for the required immediate service they provide to the customers. Recently, when an online wallet comes to our mind, it always hints for some names like Paytm, Freecharge, Mobikwik etc and what not.