Capterra Glossary
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
- Compound Annual Growth Rate (CAGR)
- Financial Planning and Analysis (FP&A)
- Selling General and Administrative (SG&A) Expenses
- Hedge Fund
- Gateway
- Record to Report (R2R)
- ROIT (Return on Information Technology)
- Chief Revenue Officer (CRO)
- SAC (Subscriber Acquisition Cost)
- ROE (Return on Equity)
- Tokenization
- Net Present Value
- Fintech
- Financial Management System (FMS)
- Business Capability Modeling