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27th July, 2015

Get ready to choose your digital wallet

Whilst shopping for a new purse a few weeks ago, I pondered the idea of buying a much smaller, daintier version of the current brick I’d been carrying around. What’s in my purse, do I really need something this large, what do I actually have in here, is it really needed?

Looking in my purse I have surprisingly a small amount of money but several cards, promotional coupons, loyalty cards and identification. Can I get rid of any…?

Digital wallets, I can link my bank account, link all my loyalty cards, hold identification, driving licenses etc. all on my phone. My credentials can then be passed via a merchant’s terminal wirelessly via NFC and processed as necessary.

Great, so purchased my small dainty purse, but am I using it NO.

WHY?

I need to decide what digital payment I want to use, but there’s so many!

Bpay, Bitcoin, dashlane, google wallet, lemon wallet, loop pay, Master pass, PayPal, Visa Pay wave and not to mention the latest Apple pay just to mention a few. With most of these wallets you need download their application, sign up to their terms and conditions and associate your bank account details.

So which one or ones do I choose? I already have the PayPal application which covers both online and in store, pretty easy to use, show my phone and I have paid, but it’s not accepted everywhere.

In fact after a bit of research, I found that there isn’t really a best of breed solution yet. Each solution requires some form of integration, whether that’s via the POS or via contactless PED. Which at present only a small number of retailers have implemented and some of which only accept transactions up to £20.

However I am sure that this will change with the like of Master card etc. issuing a mandates that  all merchants accepting MasterCard or Maestro need to be contactless by 2020 and new PoS terminals by 1st January 2016.

So I’m off to get a refund using the real card I originally purchased it with and leaving my Phone to make and receive calls for now anyway.

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