Digital Wallet

A digital wallet is a software application or online service that allows individuals to store, manage, and use their payment information, such as Credit and debit card details, as well as other financial data, in a secure and convenient manner. Digital wallets can facilitate online transactions, in-store payments through mobile devices, and peer-to-peer Money transfers.

Examples of digital wallets include:

• PayPal: A widely used service for online purchases, allowing users to pay securely without sharing card information with merchants.
• Apple Pay: A mobile payment service that enables users to make purchases using their Apple devices in stores, apps, and online.
• Google Pay: A digital wallet platform that allows users to pay with their Android devices and access loyalty cards and offers.
• Venmo: A peer-to-peer payment app that enables users to send Money to friends and split expenses easily.

Use cases for digital wallets include:

• Making contactless payments at retail locations.
• Transferring Money to friends or family quickly and securely.
• Storing loyalty cards, coupons, and tickets for easy access during shopping.
• Paying for services online without entering payment information for each transaction.