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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
Personal Banking
A type of banking that provides financial services to individuals, such as checking and savings accounts, loans, and investment management.
Certificate of Deposit (CD)
A type of savings account that offers a fixed interest rate and a fixed term of deposit, typically ranging from a few months to several years.
Fair and Accurate Credit Transactions Act (FACT Act)
A federal law that aims to protect consumers from identity theft and fraud by providing greater access to and control over their credit information

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