Digital Wallet
Simple Explanation
An app or service that can store payment cards, tickets or passes in digital form. Some digital wallets let you pay by tapping your phone. Features depend on the wallet, bank and device.
Technical Explanation
A digital wallet stores payment credentials or tokenized representations and may use near-field communication, authentication and payment-network services for transactions.
Business Use Case
A transport operator accepts tickets stored in customers’ digital wallets.
Real-Life Example
You add a supported debit card to your phone’s wallet and use it to pay at a shop.