What Is a Digital Wallet and How Does It Work?

Laveta Brigham

Digital wallets have been around in some form for years, but recently, the technology has grown to become a major part of the way we make transactions across the world. If you’re interested in why you might want to adopt a digital wallet, read more. Table of Contents What Is […]

Digital wallets have been around in some form for years, but recently, the technology has grown to become a major part of the way we make transactions across the world. If you’re interested in why you might want to adopt a digital wallet, read more.

What Is a Digital Wallet?

A digital wallet, sometimes called an e-wallet, is a service that allows you to pay for things, usually through a mobile phone app. It also stores a number of other items a traditional wallet would hold, such as a driver’s license, gift cards, tickets for entertainment events, and transportation passes. Digital wallets are not only easier to use in some cases but are also generally considered to be more secure than a traditional wallet.

How Do Digital Wallets Work?

Digital wallet software is traditionally housed through a mobile app on a smartphone, but can also be used in a variety of other formats such as a physical device or on your personal computer. The smartphone app version of the digital wallet is by far the most popular today due to its flexibility and mobility.

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