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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
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.
Late Fee
A penalty charged by a lender to a borrower who fails to make their required minimum payment on time.
eStatements
An electronic version of a bank or credit union statement, which is a summary of an individual's account activity and current balance.