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Download the digital wallet app and add your payment details02
Select your digital wallet as the payment method when paying for something03
Complete the transaction with a touch or a scanBenefits of using digital wallets
Convenience
Digital wallets eliminate the need to carry physical cash or cards and allow users to store their payment information, such as credit/debit cards, in a single digital platform.Security
Digital wallets use tokenization and encryption. Some are also password protected or use facial recognition for extra protection if someone's smartphone is stolen.Payment control
Often digital wallets offer added features such as spending tracking, and budgeting tools, which help to provide users with a seamless and efficient way to manage finances.What are some examples of digital wallets?
The most popular digital wallets are Google Pay, Apple Pay, and Samsung Pay. They primarily operate with conventional currencies. MetaMask, TrustWallet, and Coinbase Wallet are at the top of the most used crypto wallets.
What are the types of digital wallets?
Digital wallets can be divided into three categories — closed, semi-closed, and open wallets. The closed wallet example is Amazon Pay. Its users can only make transactions with their funds stored within Amazon.
The semi-closed wallets allow their users to make transactions within the listed merchants and locations.
And open wallets can be used wherever users wish, including banks, ATMs, semi-open wallets merchants, etc.
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