Digital wallets strive to imitate the functionality of one’s everyday wallet. It strives to provide:
- The means to store and transfer value
- The means to provide identification and authentication via encryption or certification
- Security for the transaction process between merchant and consumer
It uses the technology of Near Field Communication (NFC), a type of wireless communication. By leveraging on NFC, users can pay for everything and anything by simply tapping their phone to a compatible Point-Of-Sale (POS) terminal and entering their secret PIN.
A few examples of digital wallets are MSN wallet and Google’s Checkout.
Fun Facts#4 Digital wallets can potentially verify the age of the buyer to the store while purchasing alcohol
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[email protected] Done By: Gobardja Ian U098473L Kua Li En A0070291M Nicholas Chen A0072340U Justin Tan A0072547B |