Beware of The New Digital Wallet; What’s in Your Wallet?
The majority of Americans are still using cash, checks, debit, and credit cards to pay bills according to a recent nationwide survey by the Consumer Reports National Research Center. However, the trend of the digital wallet is starting to spread with new and exciting payment methods emerging everyday
Who knew that in 2011 we would get so excited about paying for a Starbucks coffee using an iPhone App. Electronic payment forms are emerging quickly and the technology industry is clambering to gets its claws on the $50 billion generated in fees through these electronic payments.
Google wallet, which is expected to launch this summer, will allow users to pay by simply tapping their iPhone against a card reader. Google will partner with Nexus S 4G from Sprint and offer downloadable Apps in the same way as they are offered on the iPhone.
Only 5% surveyed admitted that they have used their cells phones to pay for day-to-day items, including the latest trend depositing a check by taking a photo on your phone’s camera. Chase bank was the first to introduce this service.
Costa-Mesa based Morgan Drexen works with automated and the latest iCloud technology to assist small to mid-size law firms throughout America.
“Technology is improving at an incredibly fast pace and although the temptation is to want to keep up. Consumers beware, it is important to read the fine print and be sure they are no extra costs associated with the new wave of digital wallets,” says Morgan Drexen CEO and Founder Walter Ledda.
Morgan Drexen provides integrated software systems to attorneys throughout North America allowing attorneys to be more productive and efficient with their time. Saving time means the client benefits from those extra billable hours.
Before signing up with a new payment method always read the fine print as that new shiny way of paying may leave you with unwanted fees.
Cash is still the cheapest way to pay. The transaction cost is essentially zero, and with the new Fed rules, look for—and demand—more discounts for paying green.