Swiping credit cards and digging cash from your wallet is increasingly becoming a thing of the past. Travelers once handed over a paper boarding pass at the airline gate, and now most are scanning digital boarding passes from their phone. New York City residents once swiped a MetroCard, and now they tap their phones to pay their fare. Digital wallets are continuing to gain popularity all over the world. These are pieces of software on your mobile device that are secured through biometrics, or various digital credentials, that can hold many types of information such as payment or identity information. By 2023, it is projected that a whopping 1.3 billion people worldwide will have switched to a digital wallet. Using blockchain technology to create verifiable credentials that confirm identity, testing results and other validated information, Liquid Avatar Technologies, a Canadian digital identity platform, is already helping revolutionize the future of the digital era.
Liquid Avatar and other digital wallets are gaining such traction for various reasons, a main one being the reduction of data and personal information being stolen. This can happen so easily through the use of credit cards and other physical forms of payment or identity, so using a digital version lessens this risk significantly if the wallet is properly secured. This level of increased security puts the control back in the hands of the individual wallet holder in regards to how their data is shared and used. Streamlining payment and identity processes also allows for a much smoother operation. Digital wallets can store things like gift cards and coupons as well, making each e-commerce transaction simpler for the consumer and merchant alike. Digital wallets like Liquid Avatar are biometrically controlled and secured with blockchain technology. Biometrics offer unparalleled security through the use of fingerprint or retina scans, just two of the many forms of biometric authentication. PINs, passwords, signatures and account numbers can be guessed quite easily, but biometric authentication is extremely hard to break through. The uses of digital wallets are virtually limitless. They can be used in e-commerce as payment systems and store gift cards or loyalty points. They can also serve as identity credentials in the form of digital driver’s licenses and government IDs. Digital wallets can also be used to access facilities or prove qualifications such as education, medical or workplace credentials.
As digital wallets continue to gain popularity across the globe, Liquid Avatar’s biometrically controlled digital wallet has the ability to completely revolutionize the global e-commerce marketplace. From payment to identity verification, these digital wallets are the way of the future, and you will probably be switching to one way sooner than you think. Visit Liquid Avatar or check out their Instagram to learn more about the future of global commerce and create your very own digital identity.
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