Digital wallet solution

What is a digital wallet solution?

A digital wallet is a software-based system that enables users to make electronic payments. Apart from this basic function, wallets introduce a versatile functionality for retail banking and crypto management in general. It allows P2P and international payments via the Visa and Mastercard gateways. They also are a part of the loyalty platforms, introducing gift cards, credits, and options. 

Some digital wallets are designed to work with specific retailers or payment processors, while others are more general purpose. Most of the heavily prosecuted wallets for enterprise businesses are of custom design. But small businesses and startups mostly look into low-code modules products that are more affordable. 

 

What types of digital wallets are there?

Mobile wallets: These are apps that you can download onto your smartphone. They allow you to store your card information and make payments directly from your phone.

  1. Online wallets: These are websites that allow you to store your card information and make payments online. Most crypto exchanges work this way too. 
  2. Hardware wallets: These are physical devices that you can use to store your card information and make payments offline. Think about the POS terminals and kiosks as an example.

How does a digital wallet solution work?

A digital wallet is a solution that allows you to store your payment information electronically. This can include your credit and debit card information, as well as loyalty cards and other membership numbers. The core of the solution is the automated multi-asset layer that collects and records the transactions while checking the clients’ credentials for transaction processing. Some companies offer disintegrated solutions that work on a blockchain architecture. However, for e-commerce and payment-focused platforms, decentralized functionality is more than excessive. 

There are several benefits to using a digital wallet. First, it can help you keep track of your spending more easily. You can also use it to make payments more quickly and securely. Additionally, some digital wallets allow you to store loyalty points or rewards, which can be redeemed for discounts or other perks.

How can you use a digital wallet for your business?

There are many advantages of using a digital wallet for businesses. Perhaps the most obvious advantage is that it can store client information and data on transactions in one place. With a digital wallet, your clients can quickly and easily make payments without having to fumble around with cash or cards. This can be a huge time-saver, especially if you’re making multiple payments in a short period.

Using a digital wallet can also help increase security when making payments. When your clients use cash or cards, there is always the risk that they could be lost or stolen. However, with a digital wallet, the payment information is stored securely on the device, so there is no risk of losing it or having it stolen. That makes business comfortable and directly influences the retention rate for different cohorts of clients. Look into our digital wallet solution to open new options in business development. 

By Jim O Brien/CEO

CEO and expert in transport and Mobile tech. A fan 20 years, mobile consultant, Nokia Mobile expert, Former Nokia/Microsoft VIP,Multiple forum tech supporter with worldwide top ranking,Working in the background on mobile technology, Weekly radio show, Featured on the RTE consumer show, Cavan TV and on TRT WORLD. Award winning Technology reviewer and blogger. Security and logisitcs Professional.

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