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Digital Thin Wallet Solutions
Digital thin wallet solutions are a completely digital way for businesses or users to exchange financial information. Rather than using a physical payment card, the digital wallet stores the information from the card. Some digital wallets allow users to store multiple card details or even bank details for direct bank transfers. Normally, these wallets are accessed via a secure login. The security of digital wallets is managed by the provider, usually a third-party financial services provider. Thin digital wallets are services that only work with a single provider. An example would be a mobile app that allows users to pay their bills with a particular merchant.
What Small and Midsize Businesses Need to Know About Digital Thin Wallet Solutions
Many SMBs set up thin digital wallets to allow their users or clients to pay for services with ease. Some businesses may opt for “broad” digital wallet services, such as Apple Pay or PayPal, as these have an established reputation.
Related terms
- Tokenization
- ROIT (Return on Information Technology)
- SAC (Subscriber Acquisition Cost)
- Energy Trading and Risk Management (ETRM)
- Chief Revenue Officer (CRO)
- Core Banking System
- Record to Report (R2R)
- Fintech
- Financial Management System (FMS)
- Business Capability Modeling
- Capital Allocation
- Compound Annual Growth Rate (CAGR)
- Net Present Value
- Hedge Fund
- Gateway
- Selling General and Administrative (SG&A) Expenses
- ROE (Return on Equity)
- Financial Planning and Analysis (FP&A)
- Dollar-Cost Averaging (DCA)
- Procure-to-pay Solution
