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Objective   10/26/2017

Online Wallets.

Digital wallet   10/26/2017

from Wikipedia

A digital wallet refers to an electronic device that allows an individual to make electronic transactions. This can include purchasing items on-line with a computer or using a smartphone to purchase something at a store. An individual's bank account can also be linked to the digital wallet. They might also have their driver’s license, health card, loyalty card(s) and other ID documents stored on the phone. The credentials can be passed to a merchant’s terminal wirelessly via near field communication (NFC). Increasingly, digital wallets are being made not just for basic financial transactions but to also authenticate the holder's credentials. For example, a digital wallet could verify the age of the buyer to the store while purchasing alcohol. The system has already gained popularity in Japan, where digital wallets are known as "wallet mobiles".[1] A cryptocurrency wallet is a digital wallet where private keys are stored for cryptocurrencies like bitcoin.

Technology

A digital wallet has both a software and information component. The software provides security and encryption for the personal information and for the actual transaction. Typically, digital wallets are stored on the client side and are easily self-maintained and fully compatible with most e-commerce Web sites. A server-side digital wallet, also known as a thin wallet, is one that an organization creates for and about you and maintains on its servers. Server-side digital wallets are gaining popularity among major retailers due to the security, efficiency, and added utility it provides to the end-user, which increases their satisfaction of their overall purchase[citation needed]. The information component is basically a database of user-input information. This information consists of your shipping address, billing address, payment methods (including credit card numbers, expiry dates, and security numbers), and other information.

Digital wallets are composed of both digital wallet devices and digital wallet systems. There are dedicated digital wallet devices such as the biometric wallet by Dunhill,[2] where it's a physical device holding someone's cash and cards along with a Bluetooth mobile connection. Presently there are further explorations for smartphones with NFC digital wallet capabilities, such as the Samsung Galaxy series and the Google Nexus smartphones utilizing the Google's Android operating system and the Apple Inc. iPhone 6 and iPhone 6 Plus utilizing Apple Pay.[3]

Digital wallet systems enable the widespread use of digital wallet transactions among various retail vendors in the form of mobile payments systems and digital wallet applications. The M-PESA mobile payments system and microfinancing service has widespread use in Kenya and Tanzania,[4] while the MasterCard PayPass application has been adopted by a number of vendors in the U.S. and worldwide.[5]

Digital wallet is being used more and more in Asian countries as well. One in five consumers in Asia are now using digital wallet representing twofold increase from two years ago. A recent survey by MasterCard’s mobile shopping survey shows on 8500 adults aged 18–64 across 14 markets showed, 45% users in China, 36.7% users in India and 23.3% users in Singapore are the biggest adopters of digital wallet. The survey was conducted on between October and December 2015. Also analysis showed (48.5%) consumers in these regions made purchase using smartphones. Indian consumers are leading the way with 76.4% using a smartphone to make purchase which is a drastic increase of 29.3% from previous year. This has made companies like Reliance and Amazon India to come out with its own digital wallet. Flipkart has already introduced its own digital wallet.[6]

Apple Wallet   10/26/2016

from Wikipedia    Apple Wallet

Apple Wallet (Wallet for short, formerly Passbook) is a mobile app included with the iOS operating system that allows users to store coupons, boarding passes, event tickets, store cards and (starting with iOS 8.1) credit cards, loyalty cards, and debit cards via Apple Pay.[1] It was designed by Apple Inc. and was presented at the 2012 Apple Worldwide Developers Conference (WWDC) on June 11, 2012.[2] The app first appeared on iOS 6 on September 19, 2012.

Bitcoin   10/26/2017

from Wikipeda    Bitcoin

Bitcoin is a worldwide cryptocurrency and digital payment system[8]:3 called the first decentralized digital currency, as the system works without a central repository or single administrator.[8]:1[9] It was invented by an unknown person or group of people under the name Satoshi Nakamoto[10] and released as open-source software in 2009.[11] The system is peer-to-peer, and transactions take place between users directly, without an intermediary.[8]:4 These transactions are verified by network nodes and recorded in a public distributed ledger called a blockchain.

Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies,[12] products, and services. As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment.[13] Bitcoin can also be held as an investment. According to research produced by Cambridge University in 2017, there are 2.9 to 5.8 million unique users using a cryptocurrency wallet, most of them using bitcoin.[14]

Google Wallet   10/27/2017

from Wikipedia    Google Wallet

Google Wallet is a peer-to-peer payments service developed by Google that allows people to send and receive money from a mobile device or desktop computer at no cost to either sender or receiver. When set up, a Google Wallet account must be linked to an existing debit card or bank account in the United States or United Kingdom.[1] Google Wallet can be used through the Google Wallet app and Gmail. The app is available for Android devices running Android 4.0 and above, and for iOS devices running iOS 7.0 and above.[2] Google Wallet also had NFC payment capabilities, until the creation of Android Pay.

The physical Google Wallet Card was an optional addition to the app which allowed users to make purchases at point-of-sale (in stores or online) drawing from funds in their Google Wallet account, attached debit card account, or bank account. The card could also be used to withdraw cash at ATMs with no Google-associated fee, and could be used like a debit card for virtually any purpose, including such things as renting a car. The Wallet Card was discontinued on June 30, 2016, and replaced with Android Pay[3]

PayPal   10/27/2017

from Wikipedia    PayPal

PayPal Holdings, Inc. is an American company operating a worldwide online payments system that supports online money transfers and serves as an electronic alternative to traditional paper methods like checks and money orders. PayPal is one of the world's largest Internet payment companies.[7] The company operates as a payment processor for online vendors, auction sites and other commercial users, for which it charges a fee.

Established in 1998,[8] PayPal had its initial public offering in 2002, and became a wholly owned subsidiary of eBay later that year.[9][10]

In 2014, eBay announced plans to spin-off PayPal into an independent company by mid-2015 and this was completed on July 18, 2015.[11]

Early history

PayPal was established in December 1998 as Confinity,[12] a company that developed security software for handheld devices[13] founded by Max Levchin, Peter Thiel, Luke Nosek and Ken Howery.[12][14] PayPal was developed and launched as a money transfer service at Confinity in 1999, funded by John Malloy from BlueRun Ventures.[15][16]

In March 2000, Confinity merged with X.com, an online banking company founded by Elon Musk.[17] Musk was optimistic about the future success of the money transfer business Confinity was developing.[18] Musk and then-president and CEO of X.com, Bill Harris, disagreed on this point and Harris left the company in May 2000.[18] In October of that year, Musk made the decision that X.com would terminate its other Internet banking operations and focus on the PayPal money service.[19] The X.com company was then renamed PayPal in 2001,[20] and expanded rapidly throughout the year until company executives decided to take PayPal public in 2002.[14][21] Paypal's IPO listed under the ticker PYPL at $13 per share and ended up generating over $61 million.[22]

PayPal.Me

On September 1, 2015, PayPal launched their peer-to-peer payment platform "PayPal.Me", a service that allows users to send a custom link to request funds via text, email, or other messaging platforms.[50] Custom links are set to be structured as PayPal.me/username/amountrequested.[50] PayPal.Me was launched in 18 countries including United States, United Kingdom, Germany, Australia, Canada, Russia, Turkey, France, Italy, Spain, Poland, Sweden, Belgium, Norway, Denmark, Netherlands, Austria and Switzerland.[51] PayPal had 170 million users, as of September 2015, and the focus of PayPal.Me was to create a mobile-first user experience that enables faster payment sharing than PayPal's traditional tools.[50]

In June 2016, it was announced that PayPal had joined the Fortune 500 for the first time.[52]

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