Digital Wallet
💡 In plain English: A virtual wallet that stores money or payment credentials on your phone — popular UPI and wallet apps.
Definition
An electronic system that allows individuals to store payment information and make transactions digitally via mobile or web.
📌 Real-World Example
Load ₹5,000 into a mobile wallet. Use for offline/online payments. Different from UPI: wallet money is pre-loaded; UPI pulls directly from your bank at the time of payment.
Related Terms
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