Author: Mark Arthur, Founder and CEO, Puut Wallet
3 Jan 2020
Digital wallets have been in use for a number of years now, but the market has not evolved significantly during this time. Some consumers use smartphone apps to make their payments, but cash or debit cards remain the default methods of payment for many. For digital wallets to capture more of the market, they must offer individuals more than just convenience.
Certainly, the foundations are already in place for digital wallets to experience rapid growth over the next few years. Consumers have already become accustomed to using their smartphones to purchase products and services, transfer money, and access a host of other financial services, such as checking their balance. The strong link between digital technologies and finance is well established, with financial services delivering new products and services as new ones become available.
With that being the case, a number of innovative digital wallets have been created to take advantage of untapped market potential. At Puut Wallet, we believe we can offer users a financial experience unlike any other, using a combination of blockchain, biometrics and artificial intelligence (AI).
At Puut Wallet, we believe that customers who spend a long time on a brand’s website without ultimately completing a purchase should still be rewarded for their efforts
Unlike other digital wallets that are mainly focused on fiat and crypto transactions, Puut Wallet has the ability to take users beyond payments and digital banking by providing them with a multitude of capabilities, including but not limited to holding more than just money: this encompasses loyalty cards, access cards, electronic invoices, receipts, payment cards, social security cards, ID cards, driving licences, visas, residency permits, voter cards, library cards and biometric passports. In addition, Puut Wallet provides a marketplace for shopping offers, deals and promotions, as well as a peer-to-peer crypto exchange.
For businesses, Puut Wallet can also help foster brand loyalty among customers, providing merchants and banks with a set of machine learning and proprietary AI tools that make it possible to achieve additional loyalty penetration every year. At Puut Wallet, we believe that customers who spend a long time on a brand’s website without ultimately completing a purchase should still be rewarded for their efforts – this is why we have introduced an emoji-based reward system as an alternative to loyalty points.
Our platform focuses on consumers, businesses and the public sector. In fact, individual customers are inextricably linked with business and institutional customers on the platform. In order to help consumers get rid of their physical wallets, the platform offers businesses and institutions tokenisation and digitalisation features, allowing it to deliver digital wallet content, such as cards, boarding passes and invoices, to an individual’s wallet.
New kids on the block
Cryptocurrencies are playing an increasingly prominent role in the financial world; at Puut, we have embraced this new development. There are several advantages that Puut Wallet’s own cryptocurrency, Bitcoin Lvx, offers compared with traditional currencies. First, Bitcoin Lvx is a decentralised platform that is not subject to interferences from governments or banks. It is also pegged to the euro, meaning its price is stable and less volatile than bitcoin’s. As such, Bitcoin Lvx’s transactions are transparent, instant, cheap, safe and don’t require the involvement of a third party, such as a payment processor that has the potential to compromise a transaction.
We have also embraced and integrated AI to make our blockchain platform smarter and more predictive. AI tools are currently benefitting from exposure to blockchain technology – for use with predictive personalised financial services, fraud prevention and brand loyalty enhancement – helping to make AI more sophisticated, efficient and secure. Although many of the technological benefits we are adopting help individual customers, they are also frequently beneficial for businesses too. Financial services firms can use the Puut Wallet blockchain as an alternative to traditional SWIFT methods to provide cheaper, instant and transparent cross-border payments at the lowest total cost of ownership.
Looking to the future, our short and medium-term plan is to continue providing a blockchain-based, AI-capable, all-in-one digital wallet to consumers, businesses and institutions. Simultaneously, we will continue to help merchants and banks increase customer loyalty, while leveraging the blockchain as a platform to meet cross-border money transfer needs.