How Technology is Changing our Wallets

It’s fair to say that technology has made its way into most aspects of our lives, affecting what we do and how we act. While there are the more obvious changes like the way we communicate and receive information through smartphones and devices, one thing that’s changed – which you might not have even realized – is our wallets.

If we take a look back a few decades, the humble wallet was simply a home to all our cards and some cash, and while some of us still use them for this purpose, their usage is not as widespread as it once was.

Instead, new technology has changed the way we use these and what they contain. Here are a few examples:

Contactless Payments

Thanks to something called near-field communication (NFC) credit and debit cards now offer contactless payments with a simple tap. The field range of this function also means there’s no longer a need to get your cards out and you can instead just hold your wallet near the contactless terminal. Companies like Ocean Finance, for instance, can offer such features, but not all providers do, so be sure to check this first before you apply for your next credit card.

Trackers

Another tech innovation found within modern wallets is tracking systems.

These work the same way as the ones in our smartphones, and if you lose your wallet, the tracker housed in the lining of it activates and sends a signal to another device. Then, you can simply follower the tracker and discover the location of your missing wallet.

ID, Security and Single Function Use

In a similar vein to this, there are some wallets that feature touchscreens, voice activation and fingerprint scanners which only unlock for a registered user. This added layer of security may well serve as an effective means of eliminating the practice of pickpocketing.

What’s more, another feature of these wallets is their single function use. Rather than carrying around lots of cards at once, there are some ‘smart wallets’ which can be programmed to essentially turn several cards into one multifunctional card. There are only a few of these currently in production, but it may well be a feature that becomes more widespread as more and more people see the benefit.

All of these innovations are a product of the amazing technology we are blessed to have in our lives right now. It also makes the future something to look forward to as and when new features are developed that could revolutionize our wallets even more.

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