By now, you have probably heard about new payment methods such as e-payments and digital wallets. Digital wallets allow users to make quick payments using their mobile devices, where they can store their payment information in one convenient place, that is their digital wallet.
This payment method has been gaining popularity in the past few years. It represents a shift in payment methods for goods and services away from traditional cash and cards towards a digitalised payment method.
So, what is a digital wallet?
Investopedia defines a digital wallet as a software-based 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.