Physical Wallet vs. Digital Wallet
In the physical world, a wallet allows us to carry money and various documents in one place, offering simplicity and privacy. Each card is independent and does not need to communicate with others to validate its authenticity.
In contrast, in the digital world, we tend to have multiple apps for different services (one for the bank, another for the driver’s license, etc.), which can be less practical and secure.
The digital wallet is designed to simplify identity management, allowing multiple digital credentials to be stored in a single app that ensures both security and easy access. Moreover, it offers significant advantages in both physical and digital environments, facilitating seamless transitions between them.
Let’s clarify the options:
| Scenario | Physical Wallet | Multiple Digital Applications | Decentralized Digital Wallet |
|---|---|---|---|
| Access to financial services | Need to carry multiple cards or physical presentations and risk of loss or theft. | Use of different apps for each bank account, complicating management and increasing the risk of error. | A single platform integrates all accounts and cards, facilitating secure transactions and simplifying financial management. |
| Identification at access control | Requirement to physically present an identity document, which is slow and can be insecure. | Use of a specific app that may not be interoperable with all security systems. | Presentation of a verified digital credential from a single app, quick and secure, without the need for multiple documents or apps. |
| Purchasing event tickets | Manual purchasing process that requires being physically at the box office or handling physical credit cards. | Need to have a different app for each type of event, creating confusion and disorder on the device. | Purchases and management of tickets through a single app, where tickets are stored as secure credentials accessible from the device. |
To learn more about digital wallets, you can read the following post.