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The Fast Company Impact Council is an invitation-only membership community of leaders, experts, executives, and entrepreneurs who share their insights with our audience. Members pay annual dues for access to peer learning, thought leadership opportunities, events and more. Digital wallets have fast become part of daily life. By 2027, theyre expected to account for half of all retail salesaround $25 trillion worldwide. Its easy to see why. Paying with a digital wallet is easy, secure, and requires nothing more than a phone. But theres potential for wallets to do so much more, beyond payments. Digital wallets started as payment tools. Now, they’re becoming platforms for everything: verifying identity, storing loyalty cards, presenting boarding passes and rail tickets, accessing insurance documents, and roadside assistance memberships. This isnt just convenienceits intelligence in your pocket. In China, super apps like WeChat let people manage investments, book rideshares, order food, schedule medical appointments, access government services, and engage with social networks. Its meeting a growing demand for more personalized digital experiences. Its me, always Identity is no longer a card in your walletit is your wallet. As governments around the world implement digital passports and drivers licenses, they will be held in digital wallets. In Belgium, more than 80% of those over 16 use itsme for secure identification, digital transactions, and electronic signatures, with millions of actions performed daily. Another examplethe EU Digital Identity Walletis expected to launch for all EU citizens, residents, and businesses by 2026. It will store users documentation so they can securely access public and private online services across member states. Given its focus on cross-border interactions, the EU program could be a precursor to a standardized global ID framework. A wealth of management Today, innovative companies are developing wallets into financial hubs that manage investments, loans, and cryptocurrencies. Revolut, for example, started as a currency exchange wallet and expanded into banking, trading, insurance, and wealth management. This year, the company plans to introduce one-day mortgage approvals and AI-powered assistants that provide personalized financial insights and recommendations. The convergence of AI, blockchain, and fintech is pushing wallets boundaries. Apps such as Trim, for example, function as AI-driven financial assistants that help users negotiate bills, cancel unwanted subscriptions, and automate savings. Argent, an Ethereum-based smart contract wallet, allows users to securely store, manage, and invest in cryptocurrencies. Think: less banking app, more autonomous CFO. In a few years, wallets could be semi-autonomous financial agents that analyze a users real-time cash flow, optimize investments, and negotiate loan rates with minimal human input. They may execute smart contracts for renting homes, leasing vehicles, or securing gig work, eliminating the need for traditional intermediaries. With integrated finance capabilities enabled by open banking, they could lend, borrow, and trade assets, adapting to market conditions as they change. Just A Rather Very Intelligent System Consider the number of apps we have on our phones, and the amount of time we spend logging in to various platforms and hopping between tasks. Imagine the digital wallet as a personal assistant that steps in for ushelping to manage shopping, banking, healthcare, and prescriptions, for example, or scheduling travel and rebooking flights when delays occur. It might not be JARVIS the AI butler from the Marvel Cinematic Universe, but certainly it is a useful and intelligent assistant. These assistants could make decisions on your behalf via agentic AI models. They have the potential to automatically calculate tax returns, pay utility bills, switch providers, order groceries based on household consumption patterns, share medical histories with healthcare professionals, and recommend spontaneous trips based on weather and work schedules. Imagine your wallet negotiating a mortgage rate at 3 a.m. while you sleep. Know your agent Considering the level of agency we may grant to these assistants, it is essential to ensure that they are secure and transparent. A statistic from the World Economic Forum suggests that only a minority of organizations currently have a process in place to assess the security of AI tools before deploying them. Know your agent protocols are in the ascendant, and rightly so. Regulatory and governance frameworks must enforce standards and require that AI models are auditable and free from bias. Solution developers must prioritize user controlenabling individuals to set privacy preferences, verify AI-driven decisions, and override automated actions. In the future, the smartest thing in your pocket might not be your phoneitll be the agent inside it. This is emerging territory, so businesses and governments should work together to develop open, secure, and ethical innovations. If done right, the digital wallet wont just carry your moneyit will carry your life. And itll do it with your permission, your priorities, and your protection in mind. Ken Moore is the chief innovation officer at Mastercard.
Category:
E-Commerce
One of the worst parts about flying might just be, well, fellow passengers. In fact, a 2023 Fast Company-Harris poll even found that 62% of airline customers are most dissatisfied with other travelers. Now, that might just be backed up by the new 2025 North America Airline Satisfaction Study from J.D. Power. The study noted that the volume of fliers has decreased in the first quarter of 2025. But surprisingly, customer satisfaction is slightly up compared to last year, which potentially means that people think overcrowding is one of the worst elements of air travel. The study is based on feedback from 10,224 passengers, all of whom had flown on one of the major airlines within a month of completing the survey. Since the study was conducted from March 2024 through March 2025, its worth noting that the responses were collected before President Trump announced sweeping tariffs that caused airline stocks to fall as the U.S. Consumer Expectations Index reached its lowest level in 12 years. Even still, they reflect a reduction in consumer travel thats likely a result of overall market uncertainty. The study based satisfaction scores on seven different elements of travel, and broke down passenger responses into three segments by seating class, including first/business, premium economy, and economy/basic economy. On the studys 1,000-point scale, consumers reported a six point overall uptick in satisfaction compared to the prior yeara number that was largely influenced by the 8-point increase in passengers flying in the economy and basic economy classes. (Satisfaction for customers in premium economy experienced a 7-point decline, and first class passengers reported a 1-point decline.) All of the passengers were asked to rank their experiences across seven categories: airline staff; digital tools; ease of travel; level of trust; on-board experience; pre/post-flight experience; and value for price paid. While the bump in satisfaction could be partially due to the general decrease in ticket prices as airlines scramble to entice passengers, customers also reported positive experiences with airline staff. Overall rankings show JetBlue Airways ranking the highest for first/business class satisfaction, followed by Delta Air Lines and Alaska Airlines. Delta won the customer satisfaction survey in the premium economy segment for the third year in a row, followed by JetBlue and Alaska. For the fourth year in a row, Southwest Airlines took home the win for the economy/basic economy segments, followed by JetBlue and Delta. As airlines face a challenging year for the travel industry, it will be interesting to see if and how they manage to prioritize consumer satisfaction in the face of economic challenges.
Category:
E-Commerce
At a time of skyrocketing costs in the U.S., looming tariffs, and fears of a recession, New Yorkers are finally getting some good news: This year more than 8 million people in the Empire State will receive a sort of stimulus check, or officially, an “inflation refund check,” according to Democratic Gov. Kathy Hochul. The refunds come as Americans continue to battle high inflation, which is driving up prices on everything from housing to groceries, and stems from the global COVID-19 pandemic and its aftermath. While inflation has steadily decreased from its 2022 high of 9.1%, prices have not readjusted to levels before the pandemic, according to Newsweek. Last week, Hochul said: “While inflation has driven prices higher . . . it has also driven sharp increases in the state’s collection of sales tax” that “belongs to hardworking New York families and should be returned to their pockets as an inflation refund.” The checks add up to about $2 billion and are allocated as part of the state’s 2026 fiscal budget. It’s the first time the state has issued this type of refund check. Here’s what you need to know. Am I eligible for a New York inflation refund? The inflation refunds are going out to more than 8 million people living in New York state who are part of households that fall under set income limits. For couples or families that file joint taxes, households earning up to $300,000 a year are eligible for the refunds. For individuals who file solo taxes, those earning up to $150,000 are eligible. How much can I expect to receive if live in New York? Couples or families that file joint taxes and earn up to $150,000 will receive a $400 check, while joint tax filers earning more than $150,000 and up to $300,000 will get a $300 refund. Individuals who file solo taxes of up to $75,000 will get a $200 refund; those who earn more than $75,000 and up to $150,000 will receive a $150 check. What’s the timeline for the inflation refunds? There’s no clear timeline yet for when the inflation refunds will be sent out, although Hochul has said New York residents can expect the refunds this year. What if I have kids? Is there an additional tax credit? In addition to that refund, the governor announced she will be expanding New Yorks child tax credit “for middle-class New Yorkers,” giving 1.6 million New York families an annual tax credit of up to $1,000 per child under the age of four, and up to $500 per child ages 4 through 16. The expansion of New Yorks child tax credit will benefit approximately 2.75 million children statewide, and will double the size of the average credit going out to families from $472 to $943.
Category:
E-Commerce
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