Fiat Wallet

A Fiat Wallet is a Digital Wallet that stores traditional currency (fiat Money) rather than cryptocurrencies. It allows users to manage, transfer, and transact using government-issued currencies such as USD, EUR, or JPY. Fiat wallets can be linked to bank accounts or payment methods for easy fund transfers and often provide features like transaction history, balance tracking, and spending analytics.

Examples:

  • PayPal: A widely used platform where users can send and receive Money in various fiat currencies.
  • Venmo: A mobile payment service that allows users to transfer Money using linked bank accounts or debit cards.
  • Apple Pay: A Digital Wallet service that enables users to make purchases using their linked Credit or debit cards.

Use Cases:

  • Online Shopping: Consumers use fiat wallets to make purchases on e-commerce platforms.
  • Peer-to-Peer Transactions: Users can easily send Money to friends or family for Shared expenses.
  • Bill Payments: Many services allow users to pay bills directly from their fiat wallets.