Educating Consumers about Digital Wallets

Abstract

Wallets have been used from thousands of years to protect and carry personal items of value. The earliest value wallets or satchels were a piece of cloth tied with a piece of string which enabled a range of items such as coins to be carried out to market. Humans have always been mobile and have needed a container to securely carry personal items.

People consume for both necessity and pleasure. Basic items such as food and clothing are purchased on a regular basis but people also buy goods which are only for enjoyment purpose.

For this instance, we have digital wallets which are online platforms that stores users’ payment information and passwords and allows them to make electronic commerce transactions and make their life easy. Out of the many benefits of electronic wallets, few of the important ones are transferring money, paying bills and services like payment to cab services.

Apart from the goodwill gaining factors like ease of access and ease of use, it is extremely useful for huge unorganized sector where cash is considered as the most appropriate medium. People are from different backgrounds and respond differently when it comes to the use of digital wallets. Thus it is important for the organizations of the digital wallets to segregate the customer segmentation for the wallets as per the people who wants to use and respond towards the wallet.

Also after seeing so many frauds and cases recently related to cash, people feel that this is the future and will be the most famous mode of currency transaction.