What is a Digital Wallet?

What is a Digital Wallet?

The term “digital wallet” is more popular than ever before thanks to the introduction of blockchain technology. These handy protocols largely eliminate the need to carry your traditional wallet. Instead, digital wallets store all of your valuable information via an App. Digital wallets also go by the name “e-wallets.”

Today’s Digital wallets can serve a multitude of purposes. These mobile applications allow you to upload items such as your driver’s license, gift cards, credit cards, tickets for entertainment events, and transportation passes. In this manner, digital wallets simplify your daily activities. You gain added security knowing you don’t have to carry your original documents. Additionally, you can recover lost data via backups. Try doing that with a lost wallet.

How Does a Digital Wallet Work?

Thankfully, digital wallets aren’t complex in nature. In most instances, you just need to download a digital wallet mobile app to get started. These mobile wallets are ideal for a couple of reasons. For one, they can function on nearly any smart device. These devices include smartphones, tablets, and smartwatches.

CPU Digital Wallet

For those concerned about keeping all this data on their mobile device, there are also CPU-based versions of digital wallets available. These platforms are not as popular as their mobile counterparts. However, they are a bit more secure, especially from loss or theft. Cryptocurrencies such as Bitcoin, offer CPU digital wallet options to users as a more secure alternative to mobile apps.

Where Can I Get a Digital Wallet

Nowadays, digital wallets are more available than ever before. You can find these applications in a multitude of places. One of the first places to locate a reliable digital wallet is from your bank. All major banks offer some form of a digital wallet to supplement their banking services.

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Source: What is a Digital Wallet? – Securities.io