Digital Wallets And How They Can Help You Save

For years financial experts have claimed that carrying around cash as opposed to credit cards is an effective way to save money—it prevents consumers from blindly going over their personal spending limits. But if powerhouse tech company Google has anything to say about it, a different method of payment will actually be the key to help consumers save: swiping your smartphone.

Late September Google officially launched Google Wallet, a digital “wallet” that allows users to make purchases by tapping or swiping their touch screen cell phones. Although there is a slew of mobile wallets in-the-making, Google Wallet is the first-of-its-kind to hit the U.S. market. While the new technology is still in its infancy stages (and is only available to Sprint Nexus S 4G phone owners for now), it’s a technology that if widely accepted by the masses may just render cash, credit cards, and tangible wallets obsolete, according to tech experts. And aside from the obvious—never having to buy an actual wallet ever again— like stated previously it can actually help consumers save tons of money. To find out how, continue reading below.

1. Access to Exclusive Coupons. Upon downloading the e-commerce app, Google Wallet users will also gain access to Daily Deal, a feature similar to Groupon. What it does is offer one-of-kind coupons and promotions to consumers for items that he or she “typically” buys. This means you may get a pleasant surprise and get a few cents off your purchase. This also means less coupon-cutting from circulars or scouring through websites for online coupons before you shop.

2. Keeps Database of Vouchers, Reward Cards. What’s also neat about Google Wallet is that it consolidates all of your reward cards and other vouchers you may have in one place and automatically uses them whenever you’re at the checkout counter. This means that you’ll never have to worry about forgetting to scan your rewards card and miss out on some great in-store instant savings.

3. Provides Product Info on Demand. Google Wallet also has a special feature that allows consumers to quickly find out more information about a product they are considering purchasing. This feature alone may just be what some consumers need to avoid buying a good with a bad reputation and/or from making impulse purchases.

4. Allows you to Pay Exact Amount, Even with Group Bills. As much as you love going out with your friends to semi-fancy dinners, large groups of people typically mean no split checks. That means you may end up paying $40 for your $26.58 meal because you only have two $20 bills in cash. With Google Wallet however, you can pay the exact amount. All you have to do is “bump” phones so that each of you can pay your own portion so no one gets jipped. Of course, you’ll need to factor in tip.

5. It Keeps you Organized. Last but not least, Google Wallet can help consumers stay organized which in-turn can help you save tons of money. First of all, you won’t risk losing loose change (coins can add up substantially). Secondly, you’ll receive e-receipts instead of paper ones; this means you’ll be able to keep track of your purchases more effectively and will be able to get your money back and make returns with more ease when/if needed. This also means that you will be able to find the proper documentation to claim warranties as well.

About The Author

Edwin is a marketer, social media influencer and head writer here at Daily Finance Options. He manages a large network of high quality finance blogs and social media accounts. You can connect with him via email here.

 

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2 Comments

  1. Devin

    Right. I’m never going to want to carry cash, a license, or anything else in a wallet again because of a “smart” phone.

    Reply
  2. Warford Designs

    great read, I always wondered about the pay pass areas at the checkout and how they work. as always you have provided great insight on the topic, I love your website.

    Reply

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