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Digital Wallet

Essay by   •  August 11, 2019  •  Essay  •  279 Words (2 Pages)  •  56 Views

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Wallets have always played an indispensable

role in human travel and life. However, with

the advancement of electronic technology,

digital wallets have gradually emerged in human

life, therefore it can replace the functions of

traditional wallets. So, let’s talking about:

what is a digital wallet?

1

My group members and I

will answer these questions.

2

A digital wallet is also known as an e-wallet.

According to (Investopedia,2018)Digital

wallets refer to electronic devices or online

services that allow individuals to conduct

electronic transactions. This includes using a

computer to make payments online or using

a smartphone to buy items in a store, which

makes the payment to be easily and quickly.

In addition, personal bank accounts can also

be connected to a digital wallet. This allows

the user to withdraw cash into the digital

wallet directly from the bank account or

deposit the money from the digital wallet

into the bank account. With this change,

users do not need to carry a lot of cash or

spend time on the way to go to the bank

to go through the formalities.

3

From another perspective, a digital wallet

is a system that securely stores users' payment 

information and passwords for numerous

payment methods and websites. By using a

digital wallet, users can complete purchases

easily and quickly with near-field

communications technology. They can also

create stronger passwords without worrying

about whether they will be able to remember

them later.

4

Digital wallets can be used in conjunction

with mobile payment systems, which allows

...

...

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