The iWallet is a new form of payment system that varies a great deal from the traditional forms of payment. Even today, those forms of payment are being sidelined for digital payments. What is a traditional form of payment? Those are the ones that don’t involve any digital form of transaction. Cash is a traditional form of payment as there is no requirement for a computer to complete the transaction online.
Digital forms of payment are divided into ones that use a physical card and those that are purely digital, like the iWallet. What’s the difference? Having a debit card or a credit card means that it has to be used in order to initiate a payment. Once the transaction has begun, however, the information of the purchase and its confirmation have to be sent through the digital network to get approval. After that is done, the payment process is completed.
With purely digital payments, there is no physical card, and everything starts and ends digitally. In most cases, the payment starts on a person’s phone. That is where a digital app, like the one supplied by iWallet, is used. The important part of that statement is that it begins with an app. This is not a physical payment happening; it’s all virtual.
This form of payment is still fairly new, and credit cards or debit cards are usually the main go-to in many countries across the world. There is, however, increasing popularity in digital wallets growing among younger generations who are looking for easy, quick ways of paying for everything instead of keeping plastic on them to make a purchase.
What is iWallet, anyway? You can start by reading an iWallet review to get an idea, but here is the basic concept behind the iWallet: The iWallet app doesn’t act like a MasterCard or a Visa. What the iWallet does is to access the individual country’s electronic payment network. It does this by way of an important code that makes the entire payment system work: the QR Code.
What is the QR Code? This is a nifty little idea that the Japanese came up with. They created the code to be able to properly inventory items in their warehouses. Eventually, others saw it and realized how great an idea it was and began using it elsewhere. The great thing about the QR Code is that it can hold significantly more data than the traditional barcode, for example.
By using the QR Code, a customer can scan the code, process it through the app, and then pay from their iWallet account. These are ACH transactions. So, what then is an ACH transaction? An ACH transaction may not sound familiar, but everyone has used one at some time or another. An Automated Clearing House transaction is just about any form of the electronic transaction out there.
So, why is this new form of payment likely to be what everyone uses in the future? The answer begins with the mode of payment that digital wallets use: the phone. In the past, going anywhere usually meant that a person was going to purchase something along the way. Thirty years ago, that meant carrying cash or a credit card. There were phone lines, but they weren’t used to transmit information like they are today.
The Nineties brought about a change with the ability to transmit credit card or debit card information over the phone. At that moment, cash became an outmoded form of payment. The cellphone was, however, something few people had, making the need to carry plastic cards obligatory no matter where one went.
The difference today is that the one thing just about everyone has on them now, which is a cellphone. It is that fact that makes plastic an outmoded form of payment now. If there’s one thing that’s been true of currency, it is that technology always advances how it is used and in what form. The natural outgrowth to mobile phones being ubiquitous is that they become a mobile method of payment that anyone can use.
The iWallet may seem like something new and unfamiliar right now, but so was the idea of a credit card sixty years ago. The truth of the matter is that the simplicity of payment offered by digital wallets, combined with other advantages, like an iWallet promo, means that digital wallets will one day also be everywhere.
Is the iWallet the wave of the future? The simple answer is that it and other digital wallets like it offer a simplicity never before seen. Whether paying for a meal, a toy, or a car, one can be certain that we haven’t seen the last of the iWallet!