Credit Card Glossary: Terms and Definitions
A digital wallet is an electronic device or software that allows cashless purchases to be made. The term digital wallet is broad and, like a physical wallet, can hold more than one thing. In the case of digital wallets, they can encompass both ID verification and one or more payment systems. For example, a digital wallet may contain data allowing purchases from several credit card, and a means to interact securely with a merchant’s payment processing equipment.