A digital wallet is a physical device, service, or software platform that enables individuals and businesses to conduct electronic transactions. This can include buying items online or at the point of sale in a physical store, using mobile payments (on a smartphone or other mobile device) or (for online purchases only) a laptop or other personal computer. Other terms for this include e-wallet or smart wallet.
Money can be deposited in the digital wallet prior to any transactions or an individual’s bank account can be linked to the digital wallet. The credentials can be wirelessly transmitted to a merchant’s terminal via Near Field Communication (NFC). Digital wallets are increasingly being used to authenticate the holder’s credentials, such as verifying the buyer’s age to the seller.
Digital wallets can also be used to buy, sell and manage Cryptocurrency assets such as coins like BitCoin or Etherium and NFT’s or manage traditional financial products and assets like credit cards, stocks and other investments.
Read more: https://agrtech.com.au/glossary/digital-wallets/
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