Digital Wallets: The Future of Electronic Payments

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Just as important as offering the best products and services is making sure that consumers can complete payments quickly, conveniently and securely, especially in a virtual environment. In this sense, digital wallets play a fundamental role in a good customer experience.

That’s why we’ll show you how this feature works, what the advantages of adopting it are, and what you need to consider to successfully implement this payment model . Enjoy your reading!

What are digital wallets?
In short, digital wallets are applications that store information and egypt phone number list instant payments. To some extent, they have become even more popular with the spread of smartphones and mobile internet, thanks to the mobility enabled by these technologies.

It is possible to find digital wallet solutions offered by fintechs, traditional banks and even smartphone operating systems or some manufacturers of these devices.

Furthermore, they are gradually becoming popular in versions for other mobile devices, appearing on smartwatches and bracelets, increasing the possibilities of using this resource.

How do digital wallets work?

It is not difficult to understand how virtual wallets work: consumers simply need to download the application with the feature on their device, from among the countless options available.

With the app installed, the user can enter bank account or credit card information or transfer the desired funds to the virtual wallet. From there, the user can use it in establishments that accept this type of payment, whether physical or virtual.

Typically, most card machines available on the market today already have features to accept payments from digital wallets. So, simply activate this option and ask the consumer to scan the QR Code or even bring their device close to the terminal, if it has the possibility of contactless payment via NFC.

To reinforce security, it is common for digital wallets to request the insertion of a password or release payment via biometric data (such as a fingerprint, for example).