What is a Digital Wallet
A Digital Wallet, also known as e-wallet is a software that is used to store information regarding payments and passwords securely. It can be used for various payment methods and websites. By using a digital wallet, users can complete purchases easily and quickly with near field communications technology. Customers can use digital wallets in conjunction with mobile payment apps which allows payments with their smartphones. It also stores digital coupons and information of other rewards. As a financial app development company, Infiniticube helps businesses and other fintech organizations to manage the finances through a fintech application. A Digital Wallet and ample of features are incorporated in the fintech applications.
Significance of a Digital Wallet
- Users payment information is securely stored in a digital wallet. Therefore, no need to carry a physical wallet.
- Digital wallets helps companies to collect consumer data which helps in marketing activities as they get to know about the purchasing habits of consumers. This increases the effectiveness of marketing their products.
- Digital wallets helps to transfer funds to friends and family across different nations.
- It eliminates the need for physical banks in order to open a bank account and maintain it.
- A digital wallet is required to make transactions and maintain balances of cryptocurrencies.
