One of the most emerging use in the past few years has been the rise of digital wallets. These little applications on mobiles store a record of money that is transferred to there and can be used by the mobile and wallet owner to transfer money in different scenarios, such as buying groceries or paying utility bills.
This essentially means that users do not have to carry around bulky wallets anymore. No worries of loose change, coins or even making sure that you do not forget it at home when you go out. All over the world, micro banking and digital wallet firms are introducing people to the ease of digital transacting from small to large amounts of money, all from the comfort of their mobile devices.
Limitations of Mobile Wallets
Great as they are, mobile wallets are limited in functionality. Several legal, technological and even down right ignorance leads to the digital wallets lacking in features that lead to failure of using the full potential of the wallet application:
- Single Currency: Most e-wallets are designed by firms and companies to cater for only the country of origin. This means that only the national currency is only supported. For a person who travels or needs to visit another country, he or she will be either forced to go back to traditional physical wallets to hold the other country’s currency, or download a separate wallet.
- Only Fiat or Crypto: Depending on the type of e-wallet, it will either support traditional currencies such as Dollars and Euros (fiat) or be a blockchain powered app that holds and transfers cryptocurrencies. With cryptocurrencies proving their weight and worth these days, it is not surprising that many people around the world hold both crypto and fiat, ultimately leading towards them having multiple wallets to support their currencies.
- Limited Services: To fuel adoption, many wallet designers collaborate with other service providers and firms to offer discounts or ease of procurement for the wallet user. Not every service provider comes on board and that means the services that users really want may not even support the wallet in the first place, leading to the wallet being nothing more than a fancy application.
- Lacking True Loyalty: Many firms do not understand the concept of loyalty. Confused between the willingness of a consumer to feel attached to their service or simply buying because that’s what the user normally does, loyalty programs are not designed to give incentives to loyal customers, but those who have a good spending habit.
- Only Money: There are many wallet applications all over the world, good and bad. But they all have one thing in common. They only have money. A physical wallet holds more than just that. An average person has identification documents, driving license, debit and credit cards, loyalty cards, gym membership card etc. For these documents, a physical wallet is still needed, defeating the purpose of a digital wallet.
Paiblock.app: A True Digital Wallet
Paiblock is a digital wallet that is a complete wallet in a true sense. Designed from the ground up to replace your leather wallet, the Paiblock wallet comes with a number of features that makes it the perfect digital alternative:
- Personal Wallet: Store your personal cards such as payment cards, tickets, invoices and loyalty cards. Even your gym membership card can be digitally stored here.
- Citizen Wallet: Gone are the days of keeping government issued identification documents in a physical form. Users of Paiblock can save a digital version of their ID cards, driving license, resident permits, passports and a lot more in the wallet. Going on a trip overseas? No need to carry so many documents. Just let the customs officer have a look at your mobile based passport and visa.
- Xchange: Of Course, what use is a wallet without the ability to send and receive money? With the Xchange, not only you can send and receive fiat and cryptocurrencies, but have the ability to exchange your digital assets too.
- AI and Cashback: Using advanced artificial intelligence, Paiblock gives users the best options of saving their money through their Cashback digital loyalty card that can be used all over the world.
- In App Banking: Paiblock has recently launched its In App Banking services. The wallet supports a number of banks across different countries. This gives Paiblock users the ability to have complete control of their different accounts, banks and currencies from the comfort of a single mobile app. The free version lets a user control a single bank account with the ability to send and receive money, while the top of the line Elite package gives multiple bank accounts, wire transfers, advanced analytics and even a personal assistant.
Paiblock is a blockchain powered, Danish based all utility wallet that has the perfect blend of utility and ease of use to create a powerful application fully capable of replacing a leather based physical wallet.