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DEFINITION of A ‘Digital wallet’
|Driven by the explosion in smartphone usage in all aspects of daily life, companies and financial institutions see the benefit of offering a way to carry payment information on those phones by means of digital wallets. As people are increasingly shopping through their phones, new ways of mobile payment are strongly required. A technology known as digital wallet allows consumers to transfer money electronically from personal accounts in order to pay for goods or services using a range of programs. Besides that, digital wallets can accumulate loyalty cards information and digital coupons. This financial solution, also called an e-wallet, offers customers a feature-rich, secure and convenient payment mean.|
BREAKING DOWN ‘Digital wallet’
|The basic premise of e-wallet to store a consumers’ payment information securely and compactly has brought a wide choice of digital options for shoppers who wish to replace the traditional wallet. Moreover, digital wallets give a potential boon to companies collecting and processing consumers’ data. The more companies know about their customers ‘purchasing habits, the more effectively they can market to them. Loss of privacy is the only downside for e-wallet consumers for now.|