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 Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange extended its stay in the south territory with a decline of 0.56 per cent on Wednesday, April 2.
This brought down the market capitalisation by N13 billion to N2.417 trillion from N2.430 trillion, and downed the NASD Unlisted Security Index (NSI) by 22.57 points to 4,062.87 points from the previous session’s 4,062.87 points.
It was observed that the NASD exchange ended with three price gainers and three price losers during the trading day.
MRS Oil Plc depreciated by N19.00 to close at N171.00 per unit compared with the previous price of N190.00 per unit, NASD Plc lost N4.14 to trade at N37.36 per share compared with Wednesday’s N41.50 per share, and Central Securities Clearing System (CSCS) Plc gave up N2.00 to sell at N78.00 per unit versus N80.00 per unit.
On the flip side, FrieslandCampina Wamco Nigeria Plc appreciated by 19 Kobo to N93.00 per share from N92.81 per share, Food Concepts Plc expanded by 15 Kobo to N2.87 per unit from N2.72 per unit, and Great Nigeria Insurance (GNI) Plc improved by 2 Kobo to 52 Kobo per share from 50 Kobo per share.
Yesterday, the volume of securities dipped by 91.8 per cent to 260.2 million units from 3.2 billion units, the value of securities went down by 98.1 per cent to N154.2 million from N8.3 billion, while the number of deals soared by 53.3 per cent to 46 deals from 30 deals.
GNI Plc was the most active stock by value on a year-to-date basis with 3.4 billion units worth N8.4 billion, followed by CSCS Plc with 56.9 million units valued at N3.9 billion, and Okitipupa Plc with 27.5 million units traded for N1.8 billion.
The most traded stock by volume on a year-to-date basis was also GNI Plc with 3.4 billion units sold for N8.2 billion, trailed by Resourcery Plc with 1.1 billion units exchanged for N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units transacted for N1.2 billion.
By Adedapo Adesanya
The Naira dropped N2.09 or 0.15 per cent against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Thursday, April 2, to trade at N1,380.79/$1 compared with Wednesday’s rate of N1,378.70/$1.
However, it appreciated against the Pound Sterling in the official market by N2.77 to quote at N1,824.86/£1 versus the N1,836.57/£1 it was traded at midweek, and improved its value against the Euro by N10.54 to N1,591.92/€1 from N1,602.46/€1.
Yesterday was the last trading session of the week for the local currency in the spot market, as the market will be closed on Friday and Monday for the Easter Holiday.
At the black market, the Nigerian Naira maintained stability against the greenback yesterday at N1,405/$1, but gained N8 at the GTBank FX counter to settle at N1,388/$1, in contrast to the previous session’s N1,396/$1.
Pressure eased on the domestic currency as strong policy indicators have helped calm the majority of worries within the financial systems. Particularly in the remittance segment, the apex bank has directed all International Money Transfer Operators (IMTOs) to route remittance transactions through designated Naira settlement accounts in banks, a move aimed at boosting transparency and channelling more foreign exchange into the formal market.
This helps take off pressure from the foreign reserves, which have fallen below the $50 billion mark as they are gradually decreasing rather than falling sharply.
Meanwhile, the cryptocurrency market was bullish on Thursday, as macro sentiment shifted against recent optimism after reports that Iran is drafting a protocol with Oman to manage traffic through the Strait of Hormuz, easing concerns about disruptions to a key global oil route.
The remarks came after U.S. President Trump on Wednesday night vowed to hit Iran “extremely hard” in the coming weeks and that the Strait of Hormuz would “open naturally” once the war ends.
Cardano (ADA) chalked up 1.9 per cent to trade at $0.2435, Dogecoin (DOGE) grew by 1.2 per cent to $0.0912, Ethereum (ETH) appreciated by 0.8 per cent to $2,066.37, Bitcoin (BTC) added 0.5 per cent to sell at $67,080.53, Solana (SOL) increased by 0.5 per cent to $79.91, and Ripple (XRP) jumped 0.2 per cent to $1.31.
Conversely, Binance Coin (BNB) dipped 0.7 per cent to $586.90, and TRON (TRX) depreciated by 0.3 per cent to $0.3147, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
By Dipo Olowookere
The local stock market was relatively flat on Friday, as the bears and the bulls shared the spoils of war, though investor sentiment turned bullish compared with the preceding session’s bearish posture.
Data from the Nigerian Exchange (NGX) Limited showed that the All-Share Index (ASI) was marginally down by 4.66 points as it ended at 201,698.89 points versus Wednesday’s 201,703.55 points, and the market capitalisation slightly contracted by N3 billion to N129.806 trillion from N129.809 trillion.
Customs Street was shut on Friday because of the public holidays declared by the federal government today and next Monday.
Business Post reports that John Holt declined by 9.91 per cent to N15.45, Abbey Mortgage Bank shed 9.60 per cent to trade at N8.95, International Energy Insurance slipped by 6.48 per cent to N3.32, Chams shrank by 5.30 per cent to N3.75, and Tantalizers depreciated by 5.18 per cent to N4.03.
On the flip side, Unilever Nigeria improved by 10.00 per cent to N103.40, Fortis Global Insurance gained 9.82 per cent to trade at N1.23, Multiverse appreciated 9.81 per cent to N20.15, Legend Internet advanced by 9.38 per cent to N6.30, and Zichis grew by 9.02 per cent to N14.14.
The market breadth index was positive during the trading session, as there were 35 appreciating stocks and 24 depreciating stocks.
Yesterday, investors traded 560.0 million equities valued at N19.3 billion in 49,676 deals, in contrast to the 815.5 million equities worth N33.3 billion transacted in 52,641 deals in the preceding day, representing a drop in the trading volume, value, and number of deals by 31.33 per cent, 42.04 per cent, and 5.63 per cent, respectively.
Secure Electronic Technology dominated the activity log with 59.7 million shares valued at N61.1 million, Wema Bank exchanged 52.0 million equities worth N1.4 billion, VFD Group transacted 36.0 million stocks for N410.5 million, Access Holdings sold 35.3 million shares valued at N914.8 million, and Chams traded 31.0 million equities worth N115.0 million.
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