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Digital wallets as the future of payment technology

August 4, 2012

The payment processing industry has been the stage for several new technological developments in recent years.

The payment processing industry has been the stage for several new technological developments in recent years. These include the advent of mobile and online credit card processing offerings, as well as near field communication (NFC) technology and, of course, the digital wallet.

Forbes recently purported that the digital wallet is the newest development in the payments industry, and that it will be defined by several factors. The news provider asserted that the hardware-agnostic based digital wallet will rapidly trump NFC-based devices because the former does not have as many integration and security challenges, though it yields many of the same benefits.

Further, Forbes suggests that the success of mobile digital wallets will be largely contingent upon the methods with which providers sell the products to the common consumer. Not only must the devices used be effective, secure and intuitive, the packaging of the service has to oblige the desires and needs of the customer as well.

Google recently made strides with its digital wallet offering, refining the applicable software to better serve consumers. According to the tech giant, the Google Wallet will now be compatible with all major credit cards, while data will be stored on an even more secure server.

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