What is Wallet?

The wallet refers to compact software which can be used for online transactions. There are many payment solution companies which offer such software for free. These will allow many types of payment methods including credit cards. Every time you place an order, it is transferred to merchants. This merchant server will then return an invoice to the buyer. It asks him to launch wallet in his own computer or download it in case he does not have it. When the buyer chooses the “Pay” option, the software on merchant servers will return a message to the buyer computer which will activate this “wallet” software. Now, the buyer can choose any of the cards which show in the wallet and click on it.

Digital wallets will allow online shoppers to store money in online wallets. These may be used later for different kinds of transactions. You will not need to enter the card details each time you make a transaction online. Payment gateways however are ecommerce services which offer the channel that authorizes credit card payments and debit card payments from the shopper’s bank account to the online retailer. So, these will help to transfer the money from a buyer to the site through a secure website. Both are mediums to make payments online but they differ from one another in their features and uses.

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