The theory of a unified wallet
What do you have in your wallet now? Means of payment in the form of bank cards, paper money and checks, as well as other personal items that serve as a means of your identification. All these items, whether it is a passport, money — will be combined and placed in a mobile phone. Thus, mobile devices, whether it is tablets or smartphones, will play a much more active role than now.
The idea of a unified wallet makes bank cards unnecessary. Number of purchases made on the Internet is increasing every year, and in fact the availability of a physical object in this case, a credit card, is not necessary to make payment on the internet, only the data that are on it are required to make payment. At the same time, the degree of risk of such payments is reduced to zero, as before writing off the money from the card, the bank notifies the cardholder by SMS about the transactions carried out on the card.
The disappearance of cash will lead to the disappearance of anonymous and illegal transactions. The entire financial system will lie on the surface; the openness of the cash flow will imply control not only on the part of its participants, but on the part of the third parties, namely the government authorities.
Those who are supporters of electronic payment systems, see a number of advantages over payment by cash. In their opinion, “mobile wallets” will provide people the easiest way to make payments. The availability of a unified device saves its owner from carrying a wallet and a pile of papers in it, which on top of that may be torn, become crumpled, or even get wet, which can result in the failure of their acceptance into circulation and, consequently, their value as a payment document is completely lost.
Tracking the location of the consumer through the mobile device allows storing and analyzing the purchasing behavior in real time and offer personalized recommendations based on the data analysis. For example, informing about special promotions or offers based on information received on the basis of the current location of a person. And the purchase history will allow offering more accurate loyalty programs to encourage the customers.
