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What is a Digital Wallet?

What is a Digital Wallet?





Digital Wallet 101

Technological developments in big data, data analytics, infrastructure, and mobile devices have enabled fintech industries to differentiate themselves from traditional banking and financial services by offering niche, unique, customised products and services. Several fintech services offer cost-effective platforms as an alternative to the tradition of brick-and-mortar, digitally and virtually strengthening the consumer experience with convenient and uncomplicated [service] functions. One of the most advanced and innovative service functions is that of the digital wallet.

What is a Digital Wallet?

The digital wallet, also known as an e-wallet, is a software application that uses computers and/ or mobile devices for online transactions, storing the users’ payment information compactly and securely, reducing the need for a ‘physical wallet.’ Furthermore, the digital wallet for different payment modes on various websites and identification, such as a driver’s license, gift vouchers, and loyalty cards.  

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Traditionally digital wallets are associated with smartphone apps; however, they also exist in other digital and electronic mediums, such as desktops or tablets. This flexibility, and mobility, have popularized the digital wallet commercially and, for the consumer, to the point where the application is becoming more mainstream and accepted.

Youtaps Digital Initiatives and Innovations

FinTech Youtap has been at the forefront of digital and technological development for the past few decades. Their singular digital banking platform has multiple white-label solutions deployed in the cloud. These platforms have applications for digital wallets, business and consumer banking, payments, and retail point-of-sale (POS), subsequently implementing and integrating all white-label solutions with minimal developmental drudgery.

Win/ Win Solutions

As technological advancements and developments continue to integrate into the mainstream, the products Youtap offers their customer are a seamless transition from traditional fiscal methodology to innovation and integration. The digital wallet continues to be a popular extension of conventional infrastructure. Its security, efficiency, and utility for the end-user are the point of difference. Because of this, Youtap will continue to develop its software to remain at the apex it holds in an industry that is both fluid and fickle as the digital wallet continues to ingratiate itself into contemporary life.   

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