Say hello to the digital wallet

15/08/2021

Meet the digital wallet, the virtual financial phenomenon that has become an essential part of our lives. Remember faxes? Or scanning documents in a bulky scanner? The digital wallet is revolutionizing the financial industry just as the internet and smartphones revolutionized other aspects of our lives. It’s the virtual magic trick that’s becoming an attractive alternative to traditional modes of payment.

The digital wallet revolution

Imagine buying groceries using only your smartphone, grabbing a beer at the beach without bothering with a wallet, and even managing your business payments with a click, without the hassle of paper checks or a credit card. No need to imagine anymore—the digital era is here, and it’s become more attractive than ever. But what does it mean for our lives? Is the digital wallet really gathering steam, and why is it an attractive alternative to traditional payment options?

What is a digital wallet?

When we talk about a digital wallet, we’re not talking about a physical object like a credit card, check, or even a bank transfer that requires paperwork. Instead, it is a system that stores your information and passwords securely, allowing you to make payments without any external accessories. In addition to making transactions, a digital wallet also manages balances, tracks your payment history, and allows you to make and receive payments without being dependent on a bank, a credit card, or a checkbook.

The digital financial revolution

To use a digital wallet, all you need to do is set your phone screen on a special terminal or simply click. It’s easy to understand how the changing reality has revolutionized the financial world, as well as consumer habits worldwide. Mastercard, Samsung, Apple, and the rising Israeli startup V-CHECK has joined the revolution, together with numerous international companies from around the world. The future is inviting more and more companies to join them. In various companies, especially throughout Europe, the U.S., and the Far East (China and others), the online world has become the default. Why bother going to a store if you can order online? Why use a credit card when PayPal is easily accessible? Slowly and systematically, the digital wallet is becoming the choice for everyone. In fact, in Australia, 99% of businesses accept digital payments according to recent surveys. Israel is joining the revolution, and it won’t be long before various cards lose their importance, and we don’t need them at all.

Checking is going digital

Transferring significant amounts of money has always been a significant financial step. We all want to protect our money and ensure that it gets into the right hands with maximum security and minimal paperwork and bureaucracy. The banks have improved their processes in recent years and added various methods to ensure that every check reaches its destination and isn’t used inappropriately, but the system is still cumbersome and old-fashioned. Enter V-Check. V-CHECK has created the digital check, a smart solution that makes paper checks superfluous. The technology is part of a larger solution that offers a smart way to send and receive payments in a click, with direct deposit to your bank account and without needing a line of credit. It’s the absolute digital wallet, for checking and payment transfers.

The data behind the scenes

Is this revolution primarily in private transactions at the supermarket or transfers between friends or is it drawing organizations and business owners to join as well? Kobi Ram, the CEO of V-CHECK says, “The average consumer doesn’t buy expensive items or make significant transfers on a daily basis. Businesses and organizations do so all the time, which is why our solution provides them with an excellent solution. Using the system we developed, it’s easy for businesses to make transactions of varying amounts every day directly through the bank, without needing a line of credit like in other digital channels. As time passes, we see that it simply works. Between January and October 2020, the turnover in transactions using digital checking grew 300% and the number of payment requests through V-CHECK grew 350%. That is amazing growth, especially when compared to the growth in the use of digital wallets in the world. Above all, our platform proves that the Israeli consumer is ready to transfer to a digital wallet, and we’re proud to be at the forefront of that transition.”