Economy
How Digital Wallets Are Transforming Everyday Life?
Discover how e-wallets have been changing our lives left and right and what the future holds when it comes to finance technological advancements.
The Influence of Digital Wallets on Everyday Life
Remember when we carried cash with us all the time? We thought cards made a revolution in the world of finance, but digital wallets have taken the game to the next level.
The days of moving money in our pockets around are long gone. Even if you want to have fun at your favorite online casino, you can do it in a pure Internet format. Platforms like Hit’n’spin allow you to play without ever having to leave your home or hassle about getting real money.
This is just one of the changes eWallets have brought into our lives, and below we’re exploring all the other aspects of this magnificent improvement.
What Is a Digital Wallet?
First and foremost, what should a “digital wallet” mean to one?
In its most simplified definition, it is a type of application or software on your phone or tablet, or even a computer that stores your payment information securely. It can store your credit cards, debit cards, and even loyalty cards, all in one place.
But these wallets are not just about paying. They’re increasingly becoming fully capable financial tools. You can store virtual tickets, boarding passes, gift cards, and in some, even cryptocurrency. The likes of Apple Pay, Google Wallet, PayPal, and Samsung Pay among others have led the charge, and now there are countless others jumping on board.
Convenience at Your Fingertips
Probably the biggest ways eWallets are changing everyday life revolve around pure convenience.
How many of us have stood in a line at the grocery store, struggling to find the right card, only to drop the wallet and spill coins everywhere? With a digital wallet, those days are over. Just tap your phone at checkout, and you’re good.
It’s quick, it’s easy, and you aren’t even concerned that you may have left your wallet at home because who forgets their phone?
And it is not only about in-store payments. Digital wallets make online shopping pretty easy, too. No more typing in your card details every time you want to buy something. Just select yours at checkout, confirm the purchase, and voilа – you are good to go! It’s like having your very own personal cashier who remembers all your details.
Your Money’s Safety – Peace of Mind
Now you are probably thinking: “Okay, but what about security?” After all, a wallet used to be something you kept close to you literally. The idea of storing all your financial info on a phone actually might sound quite risky. But here is the thing: digital wallets are often more secure than traditional ones.
First of all, eWallets adopt encryption and tokenization. What it means is that your actual card number is never pulled out and shared with the merchant every time you make a purchase. That being said, it is swapped out for a unique token, one that is used in the purchase and quite meaningless to anyone who may steal it.
In addition, most wallets require some type of authentication, like fingerprint or facial recognition capability, or a PIN, before they will let you make any sort of payment.
Think of it like this: the wallet thief has all they need to begin his shopping spree on you; the cell phone thief, though, has a tough time getting his hands on your money due to these extra layers of security.
Managing Your Finances
Digital wallets help you manage your money smarter, rather than simply spend it.
Many of them already have built-in budgeting tools whereby spending is tracked; they can even go as far as to categorize purchases so you see exactly where the money goes. On top of that, it can warn you if you’re overspending in some areas.
And then, of course, there’s the issue of peer-to-peer. The likes of Venmo, PayPal, and Cash App have made it so easy to split bills, pay your friend back for dinner, or even send it as a gift.
No need for any more awkward “I’ll pay you back” moments or dealing with having cash, which nobody seems to carry anymore. You can send money instantly from a phone number and/or email address quite often.
The Future of Digital Wallets?
So, what does the future hold for digital wallets? Well, they can only keep burrowing deeper into our lives. We’re already seeing an increase in further uses in areas, such as digital IDs and even, in some locales, a driver’s license.
Can you envision not carrying any cards at all since your phone does it all?
The same potentially applies to digital wallets that become central with a wide selection of cryptocurrencies. As internet forms of money begin to create some traction, a secure, accessible means of storage and portability is viewed as a central factor in management and spending.
And as technology keeps on upgrading, so will it ensure that these wallets take space in human life. With that in mind, if you haven’t joined the digital wallet trend, this may be the perfect time. After all, who does not want to make life a little easier?
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited appreciated by 2.06 per cent on Friday, amid a rush for local equities due to encouraging earnings of companies for 2025.
Business Post reports that the buying pressure was across the key sectors of Customs Street yesterday, with the banking index growing by 2.49 per cent. The energy industry appreciated by 2.05 per cent, the consumer goods counter grew by 0.78 per cent, the insurance space improved by 0.64 per cent, and the industrial goods sector expanded by 0.44 per cent.
At the close of trades, the market capitalisation went up by N2.367 trillion to N117.027 trillion from N114.660 trillion, and the All-Share Index (ASI) gained 3,687.45 points to close at 182,313.08 points compared with the previous day’s 178,625.63 points.
Cornerstone Insurance, Infinity Trust, and Nestle Nigeria appreciated by 10.00 per cent each to sell at N6.38, N9.90 and N2,662.00, respectively, while Okomu Oil rose by 9.99 per cent to N1,327.00, with RT Briscoe up by 9.97 per cent to N17.42.
Conversely, SAHCO depleted by 10.00 per cent to M135.00, Guinness Nigeria lost 9.97 per cent to trade at N103.00, Omatek shrank by 9.39 per cent to N2.99, NPF Microfinance Bank decreased by 6.51 per cent to N5.60, and eTranzact slipped by 6.33 per cent to N10.80.
A total of 53 stocks ended in the green side and 33 stocks finished in the red side, representing a positive market breadth index and strong investor sentiment.
Data showed that 936.4 million shares valued at N52.7 billion were transacted in 50,068 deals on Friday versus the 698.3 million shares worth N28.438 billion traded in 50,886 deals on Thursday, indicating a rise in the trading volume and value by 34.10 per cent, and 85.56 per cent apiece, and a slip in the number of deals by 1.61 per cent.
First Holdco closed the session as the most active equity with 106.3 million units worth N5.1 billion, Zenith Bank transacted 72.6 million units valued at N5.7 billion, United Capital traded 45.4 million units for N963.2 million, GTCO sold 45.0 million units worth N4.9 billion, and Fidelity Bank exchanged 31.4 million units valued at N639.0 million.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose further by 0.86 per cent on Friday, February 13, with the market capitalisation growing by N20.27 billion to N2.378 trillion from the previous session’s N2.357 trillion, and the NASD Unlisted Security Index (NSI) rising by 33.87 points to 3,974.77 points from the 3,940.90 points it ended a day earlier.
The improvement recorded by the bourse yesterday was influenced by six price gainers led by Okitipupa Plc, which went up by N18.00 to sell at N260.00 per share compared with the previous day’s N242.00 per share.
Further, Central Securities Clearing System (CSCS) Plc added N3.39 to quote at N80.47 per unit versus N77.08 per unit, IPWA Plc chalked by 31 Kobo to finish at N3.44 per share versus N3.13 per share, Lagos Building Investment Company (LBIC) Plc gained 31 Kobo to settle at N3.41 per unit versus N3.10 per unit, Afriland Properties Plc appreciated by 31 Kobo to N16.51 per share from N16.20 per share, and Food Concepts Plc increased by 8 Kobo to N3.28 per unit from N3.20 per unit.
There were three price losers, led by MRS Oil Plc, which weakened by N10.00 to close at N170.00 per share compared with Thursday’s price of N200.00 per share, FrieslandCampina Wamco Nigeria Plc lost N2.59 to sell for N65.52 per unit compared with the preceding session’s N68.10 per unit, and Geo-Fluids Plc depreciated by 33 Kobo to N3.30 per share from N3.63 per share.
During the session, the volume of securities transacted by the market participants went up by 9.5 per cent to 9.4 million units from 8.6 million units, the value increased by 1,206.5 per cent to N703.6 million from N53.9 million, and the number of deals grew by 7.1 per cent to 45 deals from 42 deals.
CSCS Plc remained the most traded stock by value (year-to-date) with 27.1 million units exchanged for N1.5 billion, followed by Resourcery Plc with 1.05 billion units traded at N408.6 million, and Geo-Fluids Plc with 29.9 million units valued at N152.6 million.
Resourcery Plc ended the day as the most traded stock by volume (year-to-date) with 1.05 billion units sold for N408.6 million, followed by Geo-Fluids Plc with 29.9 million worth N152.6 million, and CSCS Plc with 27.1 million units sold for N1.5 billion.
By Adedapo Adesanya
The Naira depreciated further against the United States Dollar by N1.76 or 0.13 per cent on Friday in the Nigerian Autonomous Foreign Exchange Market (NAFEX) to close at N1,33.42/$1, in contrast to the N1,353.66/$1 it was exchanged a day earlier.
However, the Naira appreciated against the Pound Sterling in the same market window yesterday by N5.05 to trade at N1,844.59 versus Thursday’s closing price of N1,849.64/£1, and against the Euro, it improved by 75 Kobo to quote at N1,60/€1 versus the previous day’s N1,608.68/€1.
At the GTBank FX desk, the domestic currency lost N6 on the US Dollar on Friday to settle at N1,365/$1 versus the preceding session’s N1,359/$1, and at the parallel market, it chalked up N10 to trade at N1,430/$1 versus the previous day’s N1,430/$1.
The weakening of the Nigerian currency in the official market happened as the Central Bank of Nigeria (CBN) refrained from intervening in the official window.
The FX supply side was eclipsed by growing demand for foreign payments. Exporters’ inflows, non-bank corporate supply, and other market participants’ contributions had enhanced the FX liquidity level.
Pressure came with the entry of all duly licensed Bureau De Change (BDCs) into the official foreign exchange, although there are indications that the move will help the Naira-US Dollar exchange value, as BDC operators have started approaching their banks to understand the operational modalities and framework for accessing Dollars.
As for the cryptocurrency market, benchmarked tokens improved as US interest rate futures on Friday raised odds of rate cuts by the Federal Reserve after a report that showed inflation rose less than expected in January.
Data showed the Consumer Price Index (CPI) rose 0.2 per cent last month after an unrevised 0.3 per cent gain in December, with Solana (SOL) up by 7.9 per cent to $85.17, and Ethereum (ETH) up by 6.5 per cent to trade at $2,059.78.
Further, Cardano (ADA) added 5.3 per cent to close at $0.2758, Ripple (XRP) jumped 5.1 per cent to $1.42, Bitcoin expanded by 4.8 per cent to $69,357.35, Litecoin (LTC) grew by 4.7 per cent to $55.27, Binance Coin (BNB) jumped 4.0 per cent to $621.88, and Dogecoin (DOGE) increased by 3.8 per cent to $0.0965, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
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