The way that we pay for things is changing. In the past,  two-thirds of payments was on plastic and then another third with either check or cash. Today, however, there’s a new kid on the block – the digital wallet – and it’s having a massive impact on consumer spending habits. 

While there are lots of Digital Wallets out there, some, such as AfterPay, are providing shoppers with facilities that make buying things more financially manageable. For instance, instead of having to pay for items in full upfront, AfterPay allows you to break up your purchases into a series of installments across multiple paychecks.

Even though the wallet offers credit, it doesn’t affect your credit rating. AfterPay doesn’t share details of your spending habits with rating agencies, making it a secure service. What’s more, it also offers many of the consumer-friendly perks that we’re used to seeing with digital wallet apps. These include things like the ability to cap fees for late payment and limit your spending. 

The idea of apps like these is to make it easier for people to manage their spending. Sometimes, you can get carried away when you go shopping, buying everything in sight. These new apps may help people to rein in their consumer habits and shop more frugally in the future.

If you’re interested in how digital wallets are changing the way that we shop, check out the following AfterPay infographic. It charts some of the ways new technology is helping and how you can get involved.