A digital wallet is a payment system that protects users’ banking information and passwords, and allows consumers to make safe transactions without using cash.
While a thief could grab your wallet and get access to your credit cards in seconds, digital wallets feature encrypted credit card and banking information to safeguard them from hackers. On top of that, if somebody stole your phone, a passcode or biometric authentication would still be needed to get access to the information in a digital wallet.
How prevalent are these applications?
The Worldpay 2019 US Consumer Behavior Report taps into the mindset of US shoppers with questions that dive into the heart of contemporary retail experiences. They explore how US consumers are responding to the new retail landscape.
According to the report, two-thirds of consumers surveyed believe smartphones are the payment method of the future, with Millennials (80%) more likely than Boomers (58%) to think that smartphones will replace credit and debit cards.
