digital-wallet

Vocabulary Word

Definition

A digital wallet is a virtual space, often an app, that stores and manages digital versions of things like your money and cards. It's like your physical wallet but on your smartphone or computer.

Examples in Different Contexts

In retail, integrating a digital wallet can increase sales. A retail manager might state, 'Offering discounts for using our digital wallet has significantly boosted our transaction volume.'

Practice Scenarios

Tech

Scenario:

According to the recent survey, several users have privacy concerns when it comes to online transactions. We need to ensure our systems provide maximum security.

Response:

A good point. Perhaps we can strengthen the security features of our digital wallet to build trust among consumers.

Innovation

Scenario:

This trend of using cryptocurrencies is picking up pace. It won't be long before it becomes a mainstream payment method.

Response:

We should be prepared. Maybe it's time we integrate Bitcoin into our digital wallet service.