wallet security

A digital wallet, also known as an e-wallet or mobile wallet, is an electronic device, online service, or software program that allows one party to make electronic transactions with another party by exchanging digital currency units for goods and services. This can include purchasing items either online or at the point of sale in a brick-and-mortar store, either using a smartphone or other mobile device to make a mobile payment or (for online buying only) using a laptop or other personal computer. Money can be deposited in the digital wallet prior to any such transactions; alternatively, an individual's bank account can be linked to the digital wallet. Users may also have their driver's license, health card, loyalty card(s) and other ID documents stored within the wallet. The credentials can be passed to a merchant's terminal wirelessly via near field communication (NFC).
Increasingly, digital wallets are being made not just for basic financial transactions but to also authenticate the holder's credentials. For example, a digital wallet could verify the age of the buyer to the store while purchasing alcohol. The system has already gained popularity in Japan, where digital wallets are known as "wallet mobiles". In addition, a few US states have adapted digital driver's licenses and state IDs to be added to digital wallet instead of the physical card and it can be used at selected Transportation Security Administration checkpoints at airports, banking or enterprise. As of January 2025 the UK government is launching a GOV.UK wallet which will allow users to hold digital versions of various government documents within a mobile phone.
A cryptocurrency wallet is a digital wallet where private keys are stored for cryptocurrencies like bitcoin.

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