What is a digital wallet & a mobile wallet?

A digital wallet (or electronic wallet) is a financial transaction application that runs on any connected device. It securely stores your payment information and passwords in the cloud. Digital wallets may be accessible from a computer; mobile wallets, which are a subset, are primarily used on mobile devices.

Where can I use a digital wallet?

While the digital wallet examples above can be used at any merchant that accepts them, there are also “closed” digital wallets, like the Starbucks app, that are designed to be used only at a specific store. » MORE: Will using a digital wallet cost you in credit card rewards?

What technologies are used by mobile devices and digital wallets?

Currently, the technologies used by mobile devices and digital wallets are: QR codes: Quick response codes are matrix bar codes that store information. You use your device's camera and the wallet's scanning system to initiate payment.