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Digital Wallet
A virtual wallet that allows users to store, manage, and use their payment and banking information securely
More Details
A digital wallet is a type of software that allows individuals to make electronic transactions, such as online purchases, in-store payments, and money transfers, using their computers or mobile devices. It stores payment information, such as credit or debit card numbers, and other personal information, such as shipping addresses.
Example
When you are ready to check out on a website, you can select your digital wallet as the payment method. The payment information and shipping address stored in your digital wallet will be automatically populated in the payment form, and you can complete the purchase with just a few clicks.
Related Terms
Joint Account
A financial account that is owned by two or more individuals, who have equal access to and control over the funds in the account.
Payroll Deduction
The deductions made by an employer from an employee's paycheck prior to direct deposit, usually to pay for elected benefits.
Share Account
A savings account that represents ownership of a specific amount of money deposited with the credit union and establishes membership in the credit union.