WHAT DOES A SMART WALLET DO?

Why Is a Wallet “Smart”?

When we say something is smart, it means it is elegant, stylish, and quite innovative. As humans can be smart at problem-solving, critical analysis, idea generation, etc., a wallet can likewise be smart. Hence, the name “smart wallet

Just like humans, wallets can also be labeled “smart”. This is because of the unique features that distinguish them from regular wallets. Features which include: minimalist size, the ability to track if they get stolen or misplaced, RFID blocking feature, durability, and more.

Keep in mind that a smart wallet is a physical wallet we all carry around, and not a digital wallet. Unlike the physical smart wallet, digital wallets only store Cryptocurrencies such as Ethereum, bitcoins, and other digital properties. Physical wallet on the other hand stores money, identification cards of any form, keys, and your credit and debit cards. 

What Is a Smart Wallet Made Of?

Smart wallets are made up of invisible electronics that make it a better alternative than the regular ones. A typical smart wallet system contains the:

  • Mobile unit which through the aid of smartphone Bluetooth is interfaced with the wallet. 
  • Another part is the Bluetooth module that is used mainly for Bluetooth distance alarm systems. It helps in pairing our device to the wallet. How does this work? When your wallet and device are apart from each other for more than 10 minutes, this module would be the one to trigger the ”lost mode” on your device.
  • There is also the GPS Module which makes tracking of lost or stolen Wallet a possibility. When your wallet is in the ”lost mode”, this GPS module would then be used to track its exact location.
  • Camera module is also part of the Smart Wallet system. This module takes the pictures of the thief that stole your wallet wherever he is. This module triggers itself whenever and wherever the wallet is opened. This is made possible by a mechanism called the magnetic switch. The pictures taken are then sent to the owner’s phone using the WiFi module.

Other important parts of the smart wallet system include the Processor unit, the OLED display that is used for troubleshooting, and most importantly, the power supply unit.

Simply knowing the smart wallet mechanism is enough evidence for you to get one. If you’re contemplating on getting a really good smart wallet, then Woolet is your best bet.

What does a smart wallet do?

For your convenience, I’ll carefully list things smart wallets do and what you stand to benefit from owning one. 

What It Does

  1. The ability to track a lost or stolen Wallet
  2. You enjoy a Quality RFID Protection that would safeguard your credit and debit card.
  3. Some types of smart Wallets are Minimalist.
  4. Added security 

What You Benefit

Minimalist

To put it simply, a smart wallet will help you separate the essentials from the not-so-essential. People usually jam-pack their wallets with what they do, and do not need. In reality, you should only carry what you need.

This is where the smart Wallet comes in. There are so many Minimalist wallets out there that can only hold a few cash and your card – and that is a good innovation. A minimalist wallet that is also known as a cardholder contains a money clip or Money band that you can keep a little money in.

Why do you have to go minimalist? A minimalist wallet will help you, or rather, force you to carry less loads in your wallet. 

The ability to track a lost or stolen wallet

A smart wallet is a trackable wallet. This is made possible by the addition of a Bluetooth module into the smart wallet’s system. It’s noteworthy that the wallet only has Bluetooth features that connect to your device, while your device has a GPS module. So, when your smartphone and GPS Wallet are apart by 100-200 feet, a tone would play on your device that would notify you to track down the wallet.

Even if your device is out of your wallet’s Bluetooth range, your mobile phone would display the last known location of your smart wallet. 

A typical smart wallet with tracking features usually works in two ways. One is through the electronics built into the wallet itself, and another is through the use of an external tracking device. These external devices are usually thick, and they are almost the same size as a normal credit card. Examples of external tracking devices include Tile slimeChipolo card, etc.

RFID protection that would safeguard your credit/debit card

RFID basically means Radio Frequency Identification. Smart Wallet has the feature because it helps to protect our credit or debit card details from electronic pickpocketing. RFID based wallets have layers of aluminum and sometimes the metal fabric is sewn into them. This design helps to block your RFID frequency from being skimmed by thieves. A smart wallet provides protection for your credit and debit card- And this is why you need it!

It offers better security

The issue with security can never be overemphasized. The main purpose of using a wallet is to keep our money, identification cards, and other valuable documents safe. While a regular wallet does this as well, a smart wallet offers more security. For example, some smart wallets have a fingertip sensor authentication that allows only you to unlock it. That is, it provides you with a Touch-ID for authentication, and this helps greatly to prevent Intruders from accessing the contents in your wallet.

Smart wallets have a built-in power bank/power unit

Smart wallets have a unit in its system that provides power supply to every other module in the wallet. This feature helps in the functionalities of the following:

  1. Remote selfies that would capture the face of the thief and then send it directly to your smartphone.
  2. It also triggers the voice recording option without anyone noticing.
  3. Most importantly, it can also be used to recharge your mobile phone with an additional 9 hours of talk.

Conclusion

The rapid change in technology has brought about bigger and better ways to safeguard our properties, and that also includes our wallet. Although the regular/traditional wallet is still very much in use, it offers little or no protection against the smart wallet.

Smart wallets were first introduced in 2018 and since then, there has been a rapid growth in the demand for it. Also, with the features I’ve listed above, it is not so hard to tell why people are making great demands for it.

As we all know that the contents of our wallet are of great importance, the innovation of smart wallets has given us the privilege to keep our valuables without fear. Their unique style and design aside, smart wallets are GPS wallets that can easily be traced if you lose or misplace it. In addition, It has RFID Protection that would keep our banking card safe.

Knowing all this, why don’t you just hop on the ride, and check out Woolet smart wallets!

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