Digital Wallets

A digital wallet also known as “e-Wallet” refers to an electronic card which is used for transactions made online through a computer or a smartphone.[1] Its utility is same as a credit or debit card. An E-wallet needs to be linked with the individual’s bank account to make payments. An E-wallet is protected with a password. [2] With the help of an E-wallet, one can make payments for groceries, online purchases, and flight tickets etc. Money can be deposited in the digital wallet prior to any transactions. The credentials can be passed to a merchant’s terminal wirelessly via near field communication (NFC).

E-wallet has mainly two components, software and information. The software component stores personal information and provides security and encryption of the data. The information component is a database of details provided by the user which includes their name, shipping address, payment method, amount to be paid, credit or debit card details, etc.


What do I need to start using an e-wallet?



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