A digital wallet is a software based system that stores passwords and payment information. It certainly can be, and most often is tied to a bank account but in essence is a storage vehicle. As in the case of crypto currencies, the wallet is not tied to a traditional bank account.
In my physical wallet I have my bank debit card, my auto and health insurance cards and cash. Other items individuals may keep would be credit cards, CCW license, loyalty cards, gym membership, etc. The digital wallet is an electronic version. Today, it is stored on your phone, a computer, a flash drive.
My iphone came with a “wallet” tile. It can be used to store credit card info that in turn can be used to pay at Point of Sale with Apple Pay. Hold up my phone and on my way. Samsung and Google also have versions. Even Walmart has a mobile pay option.
In the future, traditional bank accounts will not be needed. Digits will be applied to your id (wallet). The concept of money is in transition. In the future, all of your data (financial, health, social memberships, etc) – in reality everything about you, will be digitized. Think beyond just a payment method.
The process is incremental but irreversible. I am not a Luddite – technological changes experienced in my life have been tremendously beneficial.
To illustrate the incremental nature, here is a commercial on the use of credit cards from 2011. If played today, it would be a waste of ad space. Most people have adopted electronic payments as the norm. This was just 9 years ago.
https://www.youtube.com/watch?v=AiN6drF0gw0
Where the digital wallet is today, is not where it will be in the future.
https://www.fastcompany.com/90453736...arty-retailers
https://nypost.com/2019/07/14/swedis...-credit-cards/
https://www.cbsnews.com/news/cyborgs...th-microchips/
https://futurism.com/a-biohacker-put...blic-transport
The consolidation of these technologies will lead to population control. In the future, the next generation of digital wallets will not be stored on a computer or phone, but on your person. There will initially be carrots to entice people to utilize. Peer pressure will be applied. Finally compliance will be required to participate – a choice mind you. At that point, you are a slave.