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Society consists of more than just economic marketplaces where transactions are driven by rationality and selfishness, or in economic terms: the pursuit of one’s own optimal utility. Investing precisely in a sense of community and sustainability can be helped by creating new “social markets” that provoke and encourage interactions between people in which other psychological and social traits are addressed. From daily indulgences to impulse purchases, these expenses can quickly add up and hinder your ability to keep money in your card holder or black wallet for more meaningful goals. This article explores some common areas of discretionary spending and provides practical advice on how to cut these costs without sacrificing your overall lifestyle.
Digital Identity As The Starting Point
Where identity is the starting point, the e-wallet is the endpoint. The idea is that soon you, as a citizen or consumer, will choose an e-wallet from a provider that suits you best. Then you have to ‘fill’ your wallet yourself: think of data from UWV, DUO, your health insurer, your driver’s license, and much more. The contents of your wallet will help you purchase all kinds of services and products, from travel documents to medical care and from banking to education, social housing, and benefits. This all sounds extremely practical, but there are still plenty of hurdles and practical questions.
No Mass Monitoring
Use of the EU wallet will be “entirely voluntary. The EU is therefore betting on features such as open source, transparent, regulated, interoperable and proper care for privacy and security. Moreover, the EU wants at all costs to avoid associating the EU wallet with practices such as Chinese mass surveillance. At the same time, of course, the question is how complicated your life becomes if you want to evade using a European e-wallet.
Digital Wallets: The Untapped Potential
Although digital wallets have been around for some time, their potential in the online world is still largely untapped. They offer seamless integration of payments with loyalty programs and personal data such as addresses. Well-known examples such as Apple Wallet and Google Wallet are transforming the customer experience for online payments with new services such as a low-threshold fast checkout. Further integrations and extensions of the functionalities of these wallets are to be expected in the near future, which will make them play an even more central role in the payment landscape. Other payment solutions are also expected to take on a similar role and evolve into digital wallets.
With new possibilities, could we ensure that, as a society, as a group of citizens, we arrive at “better” markets and, thus, a better society? Could this enable us to extricate ourselves from the current financial system that is unsustainably debt-based and reinforces inequality?
