Digital Wallet – What does it mean?
To store payment information for making a transaction online for several payment methods, the software used to do so is known as Digital Wallet (E-wallet). Online transactions can be done quickly and easily via digital wallets. The software creates and remembers a strong password for you, making it secure and easily accessible. Digital wallets are linked with your mobile phone and can be used with smartphone payment methods. It can also be sued to store voucher cards and coupons. One of the primary uses of digital wallets is making the transaction of cryptocurrency. Without these, many cryptocurrencies are difficult to process and access.
Further Explanation of Digital Wallets
Having digital wallets will no longer require you to carry physical wallets everywhere, as It can store payment information on secure online platforms, which you can use anywhere you want. With Digital Markets, it is also easier for companies to choose their target audience. As companies will be aware of your payment methods, it will be easier for them to formulate their business strategies according to them, making purchases more accessible for you.
Moreover, digital wallets allow people from developing countries to take part in the global economy. You can accept payments and accept funds from your country and your clients and friends from other nations via digital wallets. It can be easily accessible for people from rural areas as it doesn’t require any physical bank or branch to operate. Bitcoin and another cryptocurrency can only be accessed and processed through digital wallets; there is no other way that you can use to make transactions with cryptocurrency without having the information stored in digital wallets.
Digital Wallets Examples
There are several digital wallets available as of 2020, including Due, ApplePay, Google Wallet, Samsung Pay, PayPal, Venmo, AliPay, Walmart Pay, Dwolla, Vodafone M-Paisa, and several others. Among all these, the most popular wallets are Amazon’s, Google’s, and Apple’s. With Google Wallet, you can store cash on your mobile phone devices. This payment method can use anywhere and online and all those places which accept Google payments. Even if a business doesn’t accept payment through Google Wallet, you can use the debit card Google has recently released that has stored all the information of your Google wallet and can be used just like a regular debit card. Google released Google Pay in which both of its payment services are linked Google Wallet and Android Pay.
ApplePay is a contactless payment method introduced by Apple, and more than 440 million users are using this payment method. Apple struck a deal with Goldman Sachs and released Apple Credit Cards to expand ApplePay services.
Following are other Payment Methods similar to Digital Wallets:
- Coinbase Commerce: It allows users to send and receive cryptocurrencies from other users across the world.
- Payza: It is a payment processing service which allows Bitcoin transaction.
- Ledger Wallet: It is a hardware device with your cryptocurrency stored in it and can be used offline to make cryptocurrency transactions.