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The Virtual Wallet

For the big holiday spenders and yuletide ballers know the importance of the that trusty 'ole credit card. This time next year, life may be a bit easier thanks to new payments technologies. 

Introducing the rise of the mobile wallet: software and applications capable of securely storing credit card information and make purchasing from the phone a bit easier. 

Last year some $6.7 trillion was channeled through credit cards according to the Nilson Report, an industry newsletter. Throw in debit and prepaid cards and the number exceeds $15 trillion (see chart). 



This explains why start-ups want in on the industry. Hardware firms like Square and iZettle, which develop tiny card readers that hook onto smartphones, allow small businesses to swipe cards quickly and cheaply. Software companies like Visa's V.me and M-Pesa, make purchases possible from any technological device. 

The start-ups and financial technology companies would place a dent in the cards giants' earnings; however, the titans of the industry aren't letting that happen without a fight. 

Visa recently launched V.me, it's version of a mobile wallet. Like Visa, other card giants are investing millions in r&d. 

The infusion of mobile technology into the world of finance carries a direct impact on how we shop, make purchases, and do business. Holiday shopping and shopping altogether could look very different in the coming years.

Thanks for reading,

Matthew 


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