Digital Wallet
A digital wallet (or e-wallet) is a software-based system that securely stores users' payment information and passwords for numerous payment methods and websites. By using a digital wallet, users can complete purchases easily and quickly with near-field communications technology. They can also create stronger passwords without worrying about whether they will be able to remember them later. Digital wallets can be used in conjunction with mobile payment systems, which allow customers to pay for purchases with their smartphones. A digital wallet can also be used to store loyalty card information and digital coupons.
KEY TAKEWAYS
- Digital wallets are financial accounts that allow users to store funds, make transactions, and track payment histories by computer.
- These pieces of software may be included in a bank's mobile app, or as a payments platform like PayPal or Alipay.
- Digital wallets are also the main interface for using cryptocurrencies such as Bitcoin.
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