digital wallet

[dij-i-tl wol-it, waw-lit]

noun

1. an electronic device, website, software system, or database that facilitates commercial transactions by storing a consumer's credit card, shipping address, and other payment data.

Word History and Origins

Origin of digital wallet¹

First recorded in 2010–15

Example Sentences

The teen tried to bluff by showing an empty digital wallet, she said.

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Samsung has ambitions to become a bigger player in American consumers’ everyday financial lives—something its archrival, Apple, has accomplished with offerings like its credit card and digital wallet.

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While Samsung’s digital wallet is popular in its home market of South Korea, its consumer financial products lag behind Apple’s in the U.S.

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Samsung is also exploring launching a high-yield savings account, a digital prepaid account and a new buy-now pay-later product, all of which could encourage consumers to use its digital wallet more often, the people said.

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“We’re not talking about how quickly we’re going to tokenize every financial asset, and the opportunity we’re going to have to have a digital wallet and moving ETFs and other things though a digital wallet. I think that’s going to happen worldwide very rapidly, and I think most countries are ill-prepared for that, and underappreciate how technology is changing that, not unlike how technology is changing AI. It will be changing the technology around the plumbing of finance.”

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