Microsoft is taking a significant step forward in the digital wallet space by amplifying its Wallet feature in the Edge browser. The tech giant is not only introducing support for cryptocurrency wallets but is also converting it into a comprehensive web application for its latest operating system, Windows 11.
Edge Wallet: A Comprehensive Digital Wallet Solution
The Edge Wallet, previously a built-in feature within the Edge browser, is undergoing a transformation. Users could initially use this tool to securely save card details, such as card numbers, expiry dates, and CVV codes, facilitating a smoother online shopping experience. However, the new enhancements will see the Edge Wallet evolve into a full-fledged Progressive Web App (PWA) on both Windows 11 and Windows 10. This move is reminiscent of Microsoft's earlier endeavors in 2022, where they introduced the Wallet feature to manage physical card payments online within the Edge browser.
Cryptocurrency and NFT Integration
One of the standout features of this update is the integration of a cryptocurrency wallet, a feature Microsoft has been testing since March. This addition will provide users with real-time updates on cryptocurrency value fluctuations. Furthermore, the wallet will log all transactions, ensuring users can monitor their digital assets effectively. An “explore” tab will keep users updated with the latest cryptocurrency news, while an “assets” tab will serve as a display for users' Non-Fungible Tokens (NFTs).
This development comes at a time when the popularity of digital currencies and NFTs is at an all-time high, and Microsoft aims to provide a secure and reliable platform, especially for those new to the world of digital wallets.
With the rise of digital currencies, there has been a corresponding increase in the risks associated with them. Scams and fraudulent activities have become commonplace in the cryptocurrency domain. Microsoft's enhanced Edge Wallet aims to be a safer alternative for users, reducing the reliance on third-party extensions, which might not always be secure. The company's goal is to offer a platform that casual users can trust, ensuring they don't inadvertently fall prey to the complexities and potential deceptions of the cryptocurrency world.
Microsoft Leaning into Payment Features
Microsoft has been increasingly exploring payment features in its services. In May, the company added a payment app into Microsoft Teams. The Payments app is designed to help small businesses such as lawyers, financial advisors, instructors, tutors, and others who offer online services to easily request and receive payments from their clients.
Just last week, the company's Xbox division teamed up with long-time partner Mastercard for the Xbox Mastercard credit card. Issued by Barclays, the card comes with no annual fee and offers a unique points system.
For every dollar spent, cardholders earn one point, with the potential to earn more points on specific purchases. For instance, eligible products from the Microsoft Store will grant five points per dollar, while streaming services like Netflix and Disney Plus, as well as delivery services like Grubhub and DoorDash, will offer three points per dollar.