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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
Late Fee
A penalty charged by a lender to a borrower who fails to make their required minimum payment on time.
Authorization
The process of verifying that a person has the right to use a particular credit or debit card for a transaction to protect against fraud.
Mobile Payments
A way of making transactions using a mobile device, such as a smartphone or tablet, often made using a mobile payment or banking app.