Digital Wallets

A digital wallet, also known as an e-wallet, is an electronic device or online service that allows individuals to make electronic transactions. This can include purchasing items online or in-store, transferring money, and managing various accounts. Digital wallets store users’ payment information securely and can be used on computers, smartphones, or tablets.

Google Pay and Apple Pay are well-known digital wallets that offer significant benefits to both consumers and merchants. After adding their cards to Google Pay or Apple Pay once, shoppers can make purchases without repeatedly entering their card information. This streamlines the checkout process and enhances security across all future transactions. For merchants, digital wallets reduce transaction processing times and lower cart abandonment rates because the actual card isn’t required.