Commerce Glossary
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What is a Digital Wallet?
dig - i - tal wal - let
noun
A digital wallet is a system that securely stores users' payment information and passwords for numerous payment methods and websites.
How Does a Digital Wallet Work?
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.