What is a Digital Wallet?

What is a Digital Wallet?

A digital wallet (or e-wallet) is an electronic device or software which allows you to store, manage and pay electronically using a variety of payment instruments such as credit cards, debit cards, Internet banking and digital cash. In banking terms, a digital wallet is a type of prepaid payment instrument like your debit card. You can save your payment details on your digital wallet so that you don’t have to retype the information each time you make a purchase. Digital wallets authenticate the user using digital certificates or other encryption methods. Google Wallet, Samsung Pay, Apple Pay, PayPal and Paytm are some of the popular e-wallets that are in use. Although, they are little different from each other, but they perform the same basic tasks i.e. enable you to complete a transaction using your mobile device(s), such as a smartphones and so on.

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