October 10, 2016
In the world of Web/online payments, the concept of ‘digital wallet’ was initially introduced by PayPal and over the last decade, it became the prevalent method for users to store and manage their payment credentials to be used in card-not-present/online payments transactions. In order to compete with PayPal, in the last several years, main payment networks (and many third-party providers) introduced their own digital wallets. Mastercard currently provides MasterPass, Visa offers VisaCheckout and Amex has Express Checkout.
Every existing digital wallet provides consumers with set of key common features: