Take a look at the physical wallet. Everyone has one, but there’s more than just credit cards in it. People often store their driver’s licenses in their wallet, along with other personal information like social security cards and birth certificates. Car and health insurance cards also have a presence in many consumer wallets, as well as retail loyalty or rewards cards. Consumers want their eWallet solution to include more than just payment information—they want an ideal ultimate eWallet to house all the contents of their physical wallet online.
The Ultimate eWallet
Many consumers with an eWallet think of what the ideal wallet would be like. To imagine this, all you have to do is visualize the physical wallet you already have. Ideally, your eWallet solution would include comprehensive payment methods, but would also include digital forms of identification, and insurance information. Having this in the form of an app would be ideal, as consumers could take this information on the go with them.
Replacing the Physical Wallet
According to Pymnts.com, 37% of surveyed consumers would leave their physical wallet at home if they could store the above information on their digital wallet, and 52% would permanently store their driver’s license on their eWallet if it were legal. Trends like these indicate that someday, eWallets may overtake physical wallets for many consumers.
This technology is still far away—there are a number of legal obligations that eWallet developers will have to adhere to in order to create the perfect eWallet. However, consumers should still consider creating an eWallet that simplifies payment solutions.
Instabill has an eWallet solution
Instabill is a global merchant services provider based in the US. Although we focus on providing credit card processing solutions for e-commerce merchants around the world, we also seek to simplify payments solutions for merchants and consumers alike. The Instabill eWallet is an online resource for you to store payment information and collect funds, buy goods, and send money from a secure location. Our eWallet is encrypted to protect you from online hackers and fraudsters. For more information about our eWallet solution or our merchant accounts, contact us via the live chat feature at the bottom of your screen.