Ewallet: Once a Cool New Technology, Now a Fact of Life

By: Ava Thompson

It’s funny how technology works. The telephone was once a crazy idea, but pretty soon everybody had one in their home. Then came the carphone, then the cellphone, then the smartphone. These were all crazy ideas out of science-fiction shortly before they became ubiquitous. The same is true of the ewallet – what seems cool and new now will soon be in everybody’s pocket.
Technology always tends to follow the same pattern:
- At the beginning: Crazy idea out of sci-fi.
- Five years later: Exciting new tool that everybody’s talking about.
- Ten years later: Household item that everybody has.
Think of it: the television, the laptop, the internet, even Facebook. It’s always the same.
Whatever you want to call it – online e-wallet, electronic wallet, digital wallet – it’s still quite new, to the point that we can’t even agree on a name for it. But it won’t be long before people throw out their leather wallets for good in favour of digital money. People have been using credit and debit cards since before the internet, and the ewallet is just the natural next step in the evolution of cash. Consumers have always wanted to be able to just tap a card to pay for something, and now they can.
How an Ewallet Works
They are a few different forms that it could take, but the most likely form is one that most people already carry around in their pockets wherever they go. No, not your leather wallet, forget about that – I’m talking about your smartphone.
Most smartphones are already equipped with NFC technology. NFC stands for Near-Field Communication, referring the smartphone’s ability to communicate with other NFC-equipped devices as long as they’re close-by. Pretty soon all the cash registers in stores will be able to communicate with your smartphones, which will act as the medium between your ewallet and the cash register. You’ll never have to use paper money again.
This may sound crazy now, but so did the smartphone, so did the internet and so did the television. As soon as the infrastructure is in place and the bugs are worked out of the system, it will seem like the most exciting new tool of the day – and in ten years time there will be few of us left who don’t use ewallets. And then who knows what crazy idea will come next?

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Technology today is slowly making the need for physical money obsolete and, the future of payment processing is here, so what are you waiting for? Learn everything you need about ewallet now!

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