Question

In: Economics

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

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

Solutions

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 2 years ago
Next > < Previous

Related Solutions

How do digital wallets work
How do digital wallets work
Mel's male accessories sells wallets and money clips. Historically the firms sales have averaged three wallets...
Mel's male accessories sells wallets and money clips. Historically the firms sales have averaged three wallets for every money clip. Each wallet has an R80 contribution margin and each money clip has a R60 contribution margin. Mel's incurs fixed costs in the amount of R180000. The selling prices of wallets and money clips, respectively, are R200 and R150. The firms tax rate is 40%. Required : a. How much revenue is needed to break even and how many wallets and...
Consider the cash people carry in their wallets. This cash is part of the M1 money...
Consider the cash people carry in their wallets. This cash is part of the M1 money supply but not part of the M2 money supply. True False When the bank makes a loan to a business, where does it get the money from? from the purchase of government bonds the bank's required reserves the bank's excess reserves the deposits held at the bank When you compare the prices of two goods, you are using money as a medium of exchange....
George Fine Company produces shoes and wallets. Selected data for the past year follow:   Shoes   Wallets...
George Fine Company produces shoes and wallets. Selected data for the past year follow:   Shoes   Wallets Production (units) 90,000 190,000 Sales (units)   80,000 200,000 Selling price   £7 £9 Direct labour hours 80,000 60,000 Manufacturing costs: £ £ Direct Materials per unit 0.75 0.5 Direct Labour per unit 2.5 2.0 Variable overheads per unit 0.20 0.13 Fixed overhead: Direct 70,000 70,000 Non-manufacturing costs: Variable selling 30,000 60,000 Direct fixed selling 60,000 65,000 Budgeted fixed overhead for the year, £140,000, equalled the...
Compare old and new money What are the general differences between old money and new money?...
Compare old and new money What are the general differences between old money and new money? What are the lifestyle differences between old money and new money? How can generational wealth transform a person’s way of life? How can wealth gained from personal achievement change a person’s outlook about money?
How does digital inequality relate to the broader forms of societal inequality? Provide specific examples to...
How does digital inequality relate to the broader forms of societal inequality? Provide specific examples to support argument and cite your material.
If $500 of new reserves generates $1000 of new money in the economy, then the money...
If $500 of new reserves generates $1000 of new money in the economy, then the money multiplier is   a. ​2 and the reserve ratio is 2 percent.   b. ​0.5 and the reserve ratio is 50 percent.   c. ​0.5 and the reserve ratio is 2 percent.   d. 2 and the reserve ratio is 50 percent.
The history of money. What is it? What forms has it taken over the history of...
The history of money. What is it? What forms has it taken over the history of mankind? What is fiat and commodity-based money? What is the origin of the expression, “Bad money drives out good?” What is a “touchstone?” Where does the word “dollar” come from? Why are dollars sometimes called “bucks?” These and other aspects of money should be explored. thank you
The history of money. What is it? What forms has it taken over the history of...
The history of money. What is it? What forms has it taken over the history of mankind? What is fiat and commodity-based money? What is the origin of the expression, “Bad money drives out good?” What is a “touchstone?” Where does the word “dollar” come from? Why are dollars sometimes called “bucks?” These and other aspects of money should be explored. Give me some source about them, thank you.
Forms in Access are like display cases in stores that make it easier to view or...
Forms in Access are like display cases in stores that make it easier to view or get the items that you want. Since forms are objects through which you or other users can add, edit, or display the data stored in your Access database, then why is the design of a form important?
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT