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In: Economics

Are digital wallets like ApplePay and GoogleWallet new forms of money?

Are digital wallets like ApplePay and GoogleWallet new forms of money?

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Expert Solution

Apple pay and Google wallet is not modern forms of money instead they are payment, mechanisms which makes the transactions simple and easy. Apple pay and Google wallets are widely used in modern times for making payments for various purchases. It is a payment technology which accessible for apple device uses. It can be used at any place where that accepts contactless payments. It is a digital wallet service provided by the Apple Inc. It digitalizes the debit and credit cards. The apple pay reduces thee usage of, money in transactions. It is very easy to use. The customer need to click on the apple pay button and check billing then enter details and make payment. Thus it is very simple and widely used mode of payment.

Similarly Google wallet is a virtual wallet which allows users to transfer money, make payments etc directly from their mobile devices. It is very safe so that the customers can store the information’s like loyalty card, credit, debit etc. It is available for free form Google. It is a payment mechanism whereby customers can make online purchases via mobile phones from any place at any time.

Rahul Sunny answered 1 year ago
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