In recent years, digital wallet growth and been create in many ways, for example, Apple pay, banking app, Alipay, those implications growing rapidly.
The digital wallet can be defined as the electronic wallet, which is the software in our electronic device. people can use the smartphone to buy as an actual card. They can also see the transaction history just on screen.
There are two main questions about security.
Data transmission across mobile networks is the least secure method, and transactions using a digital wallet will be subject to the risks inherent in any mobile transaction. There is also the risk of having your phone lost or stolen, jeopardizing your personal and financial information.
Perhaps one of the biggest risks with a digital wallet is the personal liability in the event of fraud. Most consumers who use debit or credit cards to pay for purchases have a level of protection from their bank or credit card company. Most do not hold cardholders liable for fraudulent purchases on their credit cards. This fraud insurance does not currently exist for consumers using digital wallets.
Mobile Access Concerns
Another impediment to more universal digital wallet adoption is that high-quality mobile coverage is far from comprehensive. Even Verizon’s 4G network only provides coverage to about 75 percent of the country. Customers shopping in areas with poor service will be out of luck at checkout time if they are relying on a digital wallet.
For digital marketers, the customer concern must be solved first. After the consumer trust the digital wallet, it will be a good time for markers to marketing the digital wallet.