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Driven by the explosion in smartphone usage in all aspects of daily life, companies, and financial institutions see the benefit of offering a way to carry payment information on those phones using digital wallets. As people are increasingly shopping through their phones, new ways of making mobile payments are strongly required. Digital wallets allow consumers to transfer money electronically from personal accounts to pay for goods or services using a range of programs. Besides that, digital wallets can accumulate loyalty cards information and digital coupons. This financial solution, an e-wallet, offers customers a feature-rich, secure, and convenient payment means.
The basic premise of an e-wallet, to store a consumer’s payment information securely and compactly, has brought a wide choice of digital options for shoppers wishing to replace the traditional wallet. Moreover, digital wallets offer a potential boon to companies collecting and processing consumers’ data. The more companies know about their customers’ purchasing habits, the more effectively they can market to them. Loss of privacy is the only downside for e-wallet consumers for now.