Digital wallets can provide a quick and convenient way to make payments right from a mobile device. Whether people are shopping in person or online, they can use digital wallet apps to complete touch-free transactions with ease.
For example, with a PayPal account and the PayPal app, shoppers can scan a seller’s PayPal QR code and complete an instantly confirmed payment in two clicks, with no need for special equipment.
The Australia Banking Association reported, almost 40% of people are now leaving their physical wallets at home and making digital payments instead — up from 19% in 2019.1 The number of cards registered to mobile wallets also jumped from 2 million in 2018 to over 15 million in 2022.2
Learn more about how digital wallets work and potential digital wallet security measures.
A digital wallet is an app that people can use to store payment methods and bank account information, as well as send and receive money right from their device. Instead of carrying around physical credit cards or cash, they can easily make payments using their digital wallet app.
Here's a closer look at what people can do with digital wallet apps:
Many digital wallet apps may have built-in security features to help protect people's financial information and verify transactions.
Common digital wallet security measures include:
While convenience is key for digital wallets, they offer more than just the freedom to leave the physical wallet at home:
In addition to using built-in security features, users can take measures to protect their digital wallets and financial information. Here are some potential tips:
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