Crypto Wallets to Take on Major Bank’s Bullseye: PayPal and Apple Pay
The digital wallet industry is already in a transformative stage, but as more and more major banks announce their intentions to offer cryptocurrency wallets, it’s about to enter a new era. There are now companies like PayPal or Apple Pay who, instead of benefitting from their own cryptocurrency wallets, will now have to race to the top to compete with this online wallets from the banking elite.
And if the major banks thought PayPal and Apple Pay were competition before, wait’ll they hear about these Crypto Wallets. These wallets, part of what is quickly becoming a multi-billion dollar industry, mean that we could soon wave goodbye to having to input our credit card numbers and other banking details every time we want to purchase something online.
That’s because the crypto wallets make the much easier, faster and more secure. Now, they offer users a quick and easy way to pay in fiat (real) currency as well as digital ones – minus the lag and other roadblocks that come with traditional payment methods.
How Do Crypto Wallets Work?
Crypto Wallets are digital wallets that allow you to store, receive, and send various coins and tokens. They keep track of the blockchain and allow you to access your digital funds anywhere. To use them, first you download an app from the wallet provider, either from the app store or from the website. Then, once you’ve created your secure account, you link your credit/debit cards, bank account, or other payment method. This way, you can send and receive funds whenever you like.
Most of the time, Crypto Wallets use a public and private key pair. That means that each transaction is unique and secure, because only you and you alone knows the private key. The public key is like your address and allows others to send money to you.
What Does This Mean For Banks and Consumers?
For banks, these crypto wallets mean that they have to start competing with the likes of PayPal and Apple pay to be the most-used digital wallet provider. For consumers, this may mean some changes in the ways in which we manage our finances, but it could also be beneficial in its own way.
For example, many financial institutions are now offering zero-fee ATM services. This means that users’ don’t need to worry about hefty ATM charges, allowing them to easily make transactions even when they don’t have cash on them.
The Bottom Line
As more of the big-name financial institutions enter the digital wallet market, it could only mean good news for consumers. With more choice, better security and lower fees, it’s definitely a win-win situation. So, prepare yourselves, the gloves are off, and it’s the beginning of a new dawn in the digital wallet industry.
Bring it on banks, the crypto wallets are ready for you!
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