A digital wallet (or e-wallet) is a software-based system that stores users' payment information and passwords for multiple payment methods and websites. By using a digital wallet, users can complete purchases goods and services easily and quickly.
Digital wallets can be used in conjunction with mobile payment systems, allowing customers to pay for purchases with their smartphones. A digital wallet can also be used to store card information and digital coupons.
KEY FEATURES
- A digital wallet is a financial account that allows users to store money, conduct transactions, and track payment history by computer or smartphone
- This software may be included in the bank's mobile application or as a payment platform such as PayPal or Alipay.
- Digital wallets are also used for digital currencies like Bitcoin, Ethereum
Understand digital wallet
Digital wallets eliminate the need for physical wallets by securely storing all consumer payment information. Additionally, digital wallets are a potential benefit for consumer data collection companies. Thanks to digital wallets, companies can know their customers' buying habits to devise effective marketing strategies. However, the downside to consumers may be the loss of privacy.
Digital wallets allow many people in developing countries to participate more fully in the global financial system. Digital wallets allow participants to accept payments for the services provided, as well as receive money or transfer money from friends and family in other countries.
Cryptocurrencies rely solely on digital wallets to maintain balances and conduct transactions, such as with Bitcoin or other digital currencies.
➤ Learn more about Bitcoin wallet
Examples of digital wallets
Currently, many companies issue digital wallets such as Accelitec WalletBuilder, Adyel, Airtel Money, AlliedWallet, Alipay, American Express, Android Pay, Bank of America, and Boost Mobile or large companies like Google, Amazon, and PayPal. For example, Google's Wallet service allows its users to store money on their phones. Customers can spend this money both in the store, as well as online at businesses that accept payments from Google.
In the case of businesses that do not accept Google's payment system, Google recently developed a physical Wallet Card - a debit card connected to Google Bank.
In January 2018, Google announced that it would combine its two essential payment streams (Android Pay and Google Wallet) into a single service called Google Pay. With Google Pay, users will be able to save payment information in their Google accounts and make purchases wherever Google products are available (for example, Chrome Android, Youtube, and retail stores with NFC payment).
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