The Wocket is a smart wallet design that replaces the need for a billfold filled with cards entirely by storing all the information virtually in one database. This limits the need to physically carry the cards around as the information can be securely accessed by the owner to be used to pay.
Unlike a traditional card, the Wocket is an electronic safe of sorts that stores personal information that is then encrypted and can only be accessed via voice command or a correctly entered pin. From there users can access their various cards and use them to pay in stores, restaurants, for trips and everything in between.
This could potentially be an alternative for someone that doesn't like to carry around a wallet or often loses cards.
Digital Smart Wallets
The Wocket Electronic Wallet Logs Card Information for Convenient Access
Trend Themes
1. Virtual Wallets - With the rise of digital smart wallets, there is an opportunity for tech companies to develop new and efficient virtual wallets.
2. Voice Recognition Technology - The Wocket incorporating voice recognition technology opens doors for innovation in security and access control for digital devices and personal information.
3. Contactless Payments - The Wocket introduces the concept of contactless payments, opening a market for businesses to develop new technologies that allow for seamless and secure payment transactions between devices.
Industry Implications
1. Fintech - The digital smart wallet trend presents opportunities for Fintech companies to innovate and develop new payment systems applications.
2. Mobile Technology - Mobile technology is set to play a big role in the advancement of digital smart wallets, opening doors for tech companies to enhance device capabilities, speed and security protocols.
3. Retail - Retailers can work towards upgrading their payment technologies to incorporate contactless payment systems to match with the emerging smart wallet trend.