Security News > 2021 > May > Money makes the world go round: Mobile wallets and the future of commerce
Diving into a cashless future of transactions via digital wallets that keep consumers safe and reduce paper and waste.
Mobile wallets "Store consumers' data in one place, encrypted with one master root key," said Will Graylin, the man behind Samsung Pay and founder of the mobile wallet OV Valet.
"In addition to supporting payments, mobile wallets support light-weight content for things like coupons and offers, loyalty and gift cards, tickets, and member cards and IDs," said Elias Guerra, founder and CEO of Popwallet, who also suggested consumers consider it as a "Mini app" to save onto a mobile wallets which "Opens up a direct engagement channel" of communications between consumer and brand.
Venmo, PayPal's app that allows individuals in the U.S. to send each other money, processed $51 billion in payments in the first quarter of 2021, up 63%. The future of mobile wallets.
With so many mobile wallets to choose from, the consumer must be smart.
"With the bonus of added security, the future of digital wallets is limitless."