A Digital Wallet Primer

A digital wallet is a system that securely stores users' payment information and passwords on their mobile or desktop devices, allowing for quick transactions using near-field communications (NFC) technology. Experian reports that more than 1 in 10 millennials use such wallets for every purchase, desiring an easier way to deal with transactions. Digital wallets are considered more secure than traditional wallets and offer various benefits to both consumers and businesses, including improved customer experience, access to important data, faster reimbursements, reduced abandoned shopping carts, and increased convenience. The number of people using mobile payments is expected to grow, reaching nearly 62 million this year, with more merchants adopting the technology, especially among younger users.