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 for the fourth consecutive session after it shed 1.18 per cent on Friday, March 13.
The unlisted securities market recorded a loss despite closing without a price decliner, and ending with two price gainers led by Geo Fluids Plc, which gained 1o Kobo to sell at N3.10 per share compared with the previous day’s N3.00 per share. Industrial and General Insurance (IGI) Plc appreciated during the session by 2 Kobo to trade at 54 Kobo per unit versus Thursday’s closing price of 52 Kobo per unit.
When the market closed for the day, the market capitalisation lost N29.83 billion to close at N2.489 trillion compared with the N2.519 trillion it finished a day earlier, and the NASD Unlisted Security Index (NSI) crashed by 49.84 points to 4,160.46 points from 4,210.31 points.
Market activity improved yesterday, as the volume of transactions rose 179.5 per cent to 10.4 million units from 3.7 million units, but the value of trades declined by 68.4 per cent to N29.9 million from N95.0 million, while the number of deals weakened by 11.5 per cent to 46 deals from 52 deals.
Central Securities Clearing Systems (CSCS) Plc remained the most active stock by value on a year-to-date basis with 38.4 million units worth N2.4 billion, Okitipupa Plc followed with 6.4 million units traded at N1.1 billion, and FrieslandCampina Wamco Nigeria Plc transacted 6.3 million units for N584.3 million.
Resourcery Plc ended the trading session as the most traded stock by volume on a year-to-date basis with 1.1 billion units valued at N415.6 million, trailed by Geo-Fluids Plc with 130.8 million units valued at N504.5 million, and CSCS Plc with 38.4 million units worth N2.4 billion.
By Adedapo Adesanya
The Naira continued to claw back some gains against the Dollar in the different segments of the foreign exchange (FX) market, as its value was strengthened on Friday.
In the black market, it gained N10 against the United States Dollar yesterday to close at N1,400/$1 compared with the preceding day’s rate of N1,410/$1, and at the GTBank forex counter, it chalked up N6 to close at N1,385/$1, in contrast to the N1,391/$1 it was traded a day earlier.
Similarly, in the Nigerian Autonomous Foreign Exchange Market (NAFEX), it appreciated against the greenback during the session by N5.28 or 0.38 per cent to quote at N1,366.23/$1 versus Thursday’s closing price of N1,371.51/$1.
It also improved its value against the Pound Sterling in the official market on Friday by N21.81 to settle at N1,812.99/£1 compared with the previous day’s N1,834.80/£1, and gained N13.86 against the Euro to sell at N1,568.03/€1 versus N1,581.89/€1.
Pressure eased further on the FX market as the Central Bank of Nigeria (CBN) continued interventionist operations this week, selling Dollars to banks to boost liquidity after a $500 million boost last week.
This was complemented by inflows from foreign investors, exporters and non-bank corporates, among others, while Nigeria’s gross external reserves remained above $50 billion, the highest since 2009.
The Governor of the apex bank, Mr Yemi Cardoso, also eased fears of a Naira devaluation, saying the country’s financial system has been strengthened by reforms.
Regardless, external pressure looms as the US Dollar strengthened globally due to its war with Iran, now ongoing for three weeks.
Meanwhile, the cryptocurrency market was largely down as traders and investors continue to align with current realities.
The market is adapting to the conflict in real time. Early in the war, every headline produced an outsized reaction because nobody could price the tail risk. Now, traders have a framework where strikes happen, oil spikes and bitcoin dips only to recover again.
Cardano (ADA) depreciated by 3.8 per cent to $0.2623, Dogecoin (DOGE) lost 1.7 per cent to finish at $0.0948, Ripple (XRP) slumped 1.5 per cent to $1.39, Solana (SOL) dropped 1.4 per cent to sell for $87.33, Binance Coin (BNB) went down by 1.3 per cent to $653.58, Bitcoin (BTC) declined by 1.1 per cent to $70,670.63, and Ethereum (ETH) decreased by 0.9 per cent to $2,078.78.
However, TRON (TRX) appreciated by 1.7 per cent to $0.2941, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.
By Adedapo Adesanya
The price of the major crude oil grade, Brent crude oil, closed above $100 on Friday for the second consecutive session, as the Iran war heads toward its third week, with oil tanker traffic through the Strait of Hormuz still effectively at a standstill.
It gained 2.67 per cent or $2.68 during the trading day to close at $103.14 per barrel, while the US West Texas Intermediate (WTI) crude oil grade appreciated by 3.11 per cent or $2.98 to settle at $98.71 per barrel.
Brent futures were up about 10 per cent for the week following the 27 per cent rise seen last week, which marked the biggest weekly gain in oil prices since the COVID-19 pandemic in 2020. WTI futures, which saw their best week since 1983 last week, ended the week more than 8 per cent higher.
US President Donald Trump said American forces launched a major bombing raid on Iran’s strategic Kharg Island, targeting military facilities on the key Persian Gulf outpost while warning Iran that its vital oil infrastructure could be destroyed if shipping in the Strait of Hormuz is disrupted.
The terminal accounts for roughly 90 per cent of Iranian crude shipments, loading millions of barrels per day onto tankers bound largely for Asian markets.
The US and Israel’s strikes in the conflict have largely targeted Iranian military and nuclear infrastructure. Oil facilities elsewhere in Iran have been hit, but Kharg’s massive storage tanks, jetties, and pipelines had remained untouched until the latest strike.
Iran’s new supreme leader, Mojtaba Khamenei, vowed to keep fighting in a message delivered via state television.
There have been a number of attacks on foreign ships in or near the Strait, feeding into concerns that a prolonged war could translate to a global economic shock.
Prices are rising despite the US and its allies rolling out some measures to keep a lid on energy costs.
The International Energy Agency (IEA) has agreed to release 400 million stockpiled barrels, the largest such action in history.
The US has issued a 30-day waiver for India to purchase sanctioned oil from Russia. President Donald Trump is considering loosening rules under the Jones Act that require American ships to transport goods between domestic ports, including oil and gas, in an effort to lower costs.
Traders are continuing to monitor developments in the Middle East.
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