A digital wallet is a software application that allows users to securely and conveniently store and manage digital assets, such as cryptocurrencies, digital currencies, and other electronic payment methods. It is also known as E-wallet (Electronic Wallet). Some common digital wallets include Apple Pay, Google Wallet, PayPal, BlueSnap, PayU, etc.
A wallet in a payment gateway refers to an electronic or virtual storage device that securely holds customers' payment information, such as credit card details, bank account information, and shipping information. This allows customers to make quick and secure payments without entering their payment information every time they make a purchase.
Pros:
Convenience: You don’t need to carry your physical wallet or cash. You can quickly pay your bill with your smartphone with one scan. This technology saves your time.
Bank Service: you can use the digital wallet without a bank account; E-wallet offers banking service to their users, and the fees of using this are very cheap. Everyone can afford it.
Cash Security: digital wallets eliminate the chances of losing your cash or cards as you don’t have to carry them when you have a digital wallet.
Track your spending: Digital wallet also track your transfers, It helps you to know how to manage your spending.
Cons:
Dependence on technology: Digital wallets rely on technology and the internet, which can be unreliable at times. If there is an issue with your device or the internet connection, you may be unable to use your digital wallet.
Security concerns: Digital wallets are vulnerable to hacking, phishing, and other types of online fraud and cybercrime, which can result in the loss of sensitive information and funds.
Compatibility issues: Digital wallets may not be compatible with all devices, operating systems, or financial institutions, which can limit their usefulness for some users.
Here are some of the payment gateways that offer Wallet service to their customers:
-> PayPal
-> Skrill
-> Stripe
-> BlueSnap
-> PayU
-> Authorize.net
-> Square
-> AmazonPay
-> Google Pay
-> Paytm
