Digital Wallets Are Big News in Fintech
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A digital wallet is a secure software application that stores your banking information and enables you to pay for purchases electronically. Services that provide such software include PayPal, Apple Pay, Google Pay, and Samsung Pay. Digital wallets are supported by near-field communication (NFC), quick response (QR) codes, and other technologies. They can be used with additional forms of electronic payment, such as mobile payment systems, digital coupons, and cryptocurrency.
Digital wallets created by software development companies provide benefits to users, including the ability to use one payment source for many transactions, and the convenience of not having to carry a physical wallet, and sometimes even not having to have an account with a physical bank. However, they also have drawbacks, such as giving up privacy to the providers and being vulnerable to hackers accessing financial information if electronic devices are