What Is a Digital Wallet?

A digital wallet is a payment method that allows individuals to make financial transactions electronically. This is sometimes also referred to as an e-wallet. The basic idea behind a digital wallet is essentially the same thing as a traditional wallet. You can keep money in it, and you can use the money to make purchases online as you please. You can also transfer money from your digital wallet to your bank account.

In order to be successful, a digital wallet has to be extremely secure for users. This type of technology typically utilizes several layers of digital security in order to put a user's fears to rest. 

The digital wallet also contains personal information about the individual that uses it. This is information that is input by the user in order to identify herself. This information could include her name, address, phone number and Social Security number. This information can be quickly entered into online forms when making a purchase so that it makes it more convenient for the user of the digital wallet.

In most cases, the company that creates the digital wallet will take some type of processing fee for each transaction that is made.


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