Have you ever wanted to use cryptocurrency to pay for something? You might have Bitcoin or Ethereum in your eWallet but you can’t use it to pay for things like food, travel, etc. The new Samsung eWallet is expect to change that, although at first it won’t support Bitcoin. The new Samsung eWallet will include support for Ethereum, dApps and ERC-20 tokens. The new Samsung eWallet will be available on the new Samsung Galaxy S10. The eWallet will only be available on the S10 model right now, although Samsung has said they expect to have cryptocurrency eWallets on all of their devices in the future.
If you have never used an eWallet on a smartphone before, you will want to know that the Samsung Galaxy S10 is using Samsung’s Blockchain Keystore and the eWallet will also be compatible with CoinDuck. The Samsung eWallet will also be compatible with Enjin, CryptoKitties and Cosmee.
Going Cashless
Today’s society is becoming one of click, click, click. Mobile wallets that are connected to your digital wallet are the way that more and more people are going to pay for things. People are using cash less and less to make purchases and that trend is only going to continue.
The first thing to know about going cashless is how it actually happens. An eWallet is simply a digital wallet that stores your payment methods. It is kind of like carrying your cash and cards around, only electronically. Your information is stored on a smart device and locked and protected by a password.
If you want to buy something you simply flash your phone and your purchase is made quickly and easily. You don’t have to carry around a bulky wallet. In fact, you don’t have to carry a wallet at all. You could just have your smartphone linked to your eWallet and also link to your driver’s license, health card, etc.
Mobile wallets have actually been around a while, as Google launched a mobile wallet in 2011. Apple followed in 2012 with their Passbook and Apple Pay launched two years later. Android and Samsung Pay launched their products in 2015. There are now numerous eWallet options and more are launched all the time. A recent Juniper Research study said that almost 2.1 billion people will use a mobile wallet to make a payment this year.
eWallet Advantages
The big advantage to using an eWallet is simplicity. It doesn’t get much easier than taking your phone out and holding it out to make a payment. The transaction is quick and easy and money simply comes out of your account. The retailer also likes it, as the order is processed quickly and simply. There is no need to make change and there are no details that have to be exchanged. There is no bank account or personal info needed. It is swipe and you are done. It should be noted that the security for most eWallets is now not only password protected but also biometric protected.
eWallet Concerns
Nothing is perfect, and using an eWallet isn’t always perfect either. You have to make sure to protect your password and you have to make sure that your phone is always charged. Using an eWallet also might be more expensive, so you need to make sure to check the fees associated with using the eWallet. Some people have also said that using a smartphone connected to an eWallet makes it easier to spend money, but if someone wants to spend money they are going to find a way, so ease of use doesn’t seem to be a concern.
Many countries around the world are using eWallets on a large scale. A MasterCard mobile survey less than two years ago showed that 45% users in China, 36.7% users in India and 23.3% users in Singapore were the biggest users of the digital wallet. Those numbers are only expected to go higher and other countries are not far behind including the United States and Great Britain.
Check out the latest eWallet options at BookMaker and make sure to use Bitcoin to make your first deposit.
