What is Digital Wallet?

A definition of Digital Wallet

“A digital wallet is a software-based system that stores users’ payment information and passwords for numerous payment methods and websites, allowing for convenient online transactions.”

Digital Wallet in Business Glossary - What is a Digital Wallet?

Business Glossary > What is Digital Wallet?


Examples of Digital Wallet in a Sentence:

My phone comes with a digital wallet that I use for all my payments.

The rise of digital wallets is changing how people pay for goods and services.

I can link multiple credit cards to my digital wallet for easy access.

Why is Digital Wallet Important in Business?

Digital wallets simplify the payment process by allowing users to store their financial information in a secure, centralized location, making transactions faster and more convenient. Businesses adopting digital wallets can enhance the customer experience and potentially increase sales.

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Associated Terms

Here are some associated business terms and synonyms for “Digital Wallet”:

  • e-Wallet
  • Mobile Wallet
  • Electronic Wallet

Apple Digital Wallet

Apple introduced its digital wallet, Apple Pay, in 2014. It revolutionized the payment industry by offering secure and contactless payments via iPhone and other Apple devices. Apple Pay now connects with numerous banks globally, facilitating countless transactions each day.

Final Notes on Digital Wallet

When integrating a digital wallet, consider the security protocols, user experience, and compatibility with different payment systems. Ensuring these aspects can enhance transaction ease and customer trust.


This has been a definition of Digital Wallet meaning.

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