Digital wallets can be crafted using a solid platform such as the HUAWEI wallet kit to store end-user payment information and various passwords. Digital wallets, also known as e-wallets, can be integrated with mobile payment solutions to enable shoppers to efficiently and securely pay for purchases using only a smartphone with the right app installed. The wallets are combined with an NFC microchip installed at a POS terminal with inbuilt NFC capability. A majority of digital wallets currently in the market link a user’s bank account, debit card, and credit card information to an app contained in a smartphone. Let’s focus on the services offered by digital wallet platforms.
Services offered by digital wallet platforms
· Peer to peer payments
As a digital wallet user, you can safely and securely transfer funds to other users. Apps such as Apple Pay, Google Pay, and Venmo all enable this type of functionality.
· Holding funds in-app
Cash held in a digital wallet is actually stored in a cash account, enabling a user to link his bank account or credit card to the cash account to cater for arising shortages. Some apps such as Venmo and Cash app allow you to use your stored cash at brick and mortar stores.
The built-in security features in all digital wallet apps keep user information safe by protecting it with biometrics or passwords. In addition to this, there is always an increased level of encryption embedded in digital wallet applications.
· Storing user IDs
There are digital wallets available that enable users to store various IDs that can be used to access buildings and pay for goods and services, e.g., Apple Pay can efficiently hold a college student’s identification information.
· Storing credit and debit card details securely
Any digital wallet built on technology such as the HUAWEI wallet kit can store credit and debit card information. Apple Pay, Samsung Pay, and Google Pay enable you to pay directly from the card, while PayPal allows withdrawing of funds from stored debit and credit card details.
· Making payments online
Any digital wallet worth its salt is capable of use for making payments for online purchases. Merchants who accept payments via digital wallets usually have an appropriate button for each brand of wallet.
· Keeping transit tickets
Some digital wallets allow customers to store transit tickets that can be used by tapping the phone on a reader installed in buses and subway stations.
The difference between digital wallets and mobile wallets
In mobile wallets, payment is often received directly from a debit or credit card instead of a cash balance stored in the digital wallet. Mobile wallets rely on NFC technology-enabled POS terminals at various businesses and locations. Digital wallets can be installed as apps on smartphones, but they cannot be used to make payments based on NFC technology. Some digital wallets such as Google Pay allow users to conduct peer-to-peer transfers and send funds, but these are solely digital wallet domain.
Digital wallets created using HUAWEI wallet kits are useful for bringing more sales to businesses and enhancing customer convenience. Secure mobile and digital wallets provide enhanced encryption security through tokenized numbers that keep user data safe.