What You Need to Know About Digital Wallets The basics of digital wallets, and how will they impact your business.
By Mikal E. Belicove •
Opinions expressed by Entrepreneur contributors are their own.
Q: What is a digital wallet, and how will it impact my business?
A: A digital wallet is an app that works as a secure digital container to store the information consumers carry around in their wallets or purses, such as credit and debit cards, ID, driver's license, coupons, receipts, concert tickets and even airline boarding passes. When accessed by a POS terminal or other device, the digital wallet serves up the requested information and completes a transaction.
Digital wallets usually take the form of a smartphone app. They're always on hand, connected to the internet and make it easy for coupons, deals and more to show up on the user's device--sometimes based solely on current location.
The rest of this article is locked.
Join Entrepreneur+ today for access.
Already have an account? Sign In