Technology and the EconomyDigging into the Digital WalletA digital wallet is an electronic device, app, or online service that allows electronic financial transfers between two parties. As the worldbecomes more digitized and mobile, the growth of digital wallets has boomed. Most smartphones are already equipped with phone-specificdigital wallets (e.g., Apple Wallet), or consumers can pick from a selection of peer-to-peer payment apps (e.g., Zelle), Bitcoin wallet apps (e.g.,Mobi), and credit card or bank wallet apps (e.g., Chase Pay). Users can utilize the apps to make purchases in-store, in-app, or while shoppingon the web. Retailers must have the necessary card readers to accept digital payments.Many wallet apps have the added convenience of storing loyalty cards, plane tickets, event tickets, and more. Digital payments are oftenfaster and more secure than traditional payment methods, and, by not holding cash or physical cards, consumers can protect themselvesagainst theft and fraud. Despite these advantages, more than half of consumers don't trust the technology, according to a survey by Experian.Only 13 percent of Americans use digital wallets on a weekly basis. One way consumers can add an additional layer of protection is to usemulti- or two-factor authentication on their mobile device.Mobile payment adoption in the United States has been slow; however, this has not been the case worldwide. In China, for example, nearlyhalf of all in-store purchases are made with digital wallets. This is due to the Chinese government's active role in creating a digital financialinfrastructure. The country is developing a digital currency that is backed by its central bank. Companies such as Alipay and WeChat Pay aregrowing throughout Asia and stand to be major competitors worldwide as the companies globalize.While digital wallets have seen great growth, it's too soon to say goodbye to traditional payment methods. One reason is that not allbusinesses have adopted technology to accept payments from digital wallets. Countries that are deeply invested in legacy payment systems,such as the United States and Europe, will have to play catch up with countries that have quickly developed and adopted digital paymentsystems such as China and India. However, as more and more consumers adopt the technology, more businesses will follow in order toaccept these types of payments.eCritical Thinking Questions1. Do you think digital wallets will revolutionize electronic banking and in-store transactions?2. How do you think digital wallets will affect traditional banks?3. What are some of the risks of digital wallets? What can be done to mitigate these risks?

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Critical Thinking Questions 1. Do you think digital wallets will revolutionize electronic banking and in-store transactions? 2. How do you think digital wallets will affect traditional banks? 3. What are some of the risks of digital wallets? What can be done to mitigate these risks?

Critical Thinking Questions 1. Do you think digital wallets will revolutionize electronic banking and in-store transactions? 2. How do you think digital wallets will affect traditional banks? 3. What are some of the risks of digital wallets? What can be done to mitigate these risks?

Principles of Information Systems (MindTap Course List)

12th Edition

ISBN:9781285867168

Author:Ralph Stair, George Reynolds

Publisher:Ralph Stair, George Reynolds

Chapter3: Hardware: Input, Processing, Output, And Storage Devices

Section: Chapter Questions

Problem 2PSE

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Artificial Intelligent Application in BankingOne of the more common uses of AI in banking in consumer chat assistant. These assistants use voice and text to conduct conversations meant to replicate human conversation. Due to machine learningand natural language processing technology, assistants can learn from their interactions and hold seemingly natural conversations with users, thereby improving a bank’s offerings and services, especially in mobile banking.Mobile banking has grown incredibly around the world and today mobile devices are helping reshape interactions between banks and consumers. Bank of America uses Erica, a virtual financial assistant, to support more than 25 million mobile banking clients. And HSBC Hong Kong employs Amy, who is fluent in both Chinese and English. Integrating virtual chat assistants into mobile banking is a great step towards making mobile-first interactions more seamless and natural.An indigenous banking company called ABC Banking intends to adopt…
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