Digital wallets are a facility to make contactless payments. Recently there has been a lot of talk about these wallets and their utilities in the business world. Though there are many other alternative payment options that have surged up in the payments industry, what are digital wallets and their benefits, this is essential knowledge required to build a smart business.

Instead of using a physical debit or credit card, a digital wallet is a much more convenient option. As your card details and no personal information is shared with the vendor or the merchant, the purchase made is completely safe. A unique token number is generated to facilitate all transactions.