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A non-physical digital card, unlike a magnetic stripe card, can emulate (imitate) any kind of card. [4] [1] A smartphone or smartwatch can store content from the card issuer; discount offers and news updates can be transmitted wirelessly, via Internet. These virtual cards are used in very high volumes by the mass transit sector, replacing paper ...
Increasingly, digital wallets are being made not just for basic financial transactions but to also authenticate the holder's credentials. For example, a digital wallet could verify the age of the buyer to the store while purchasing alcohol. The system has already gained popularity in Japan, where digital wallets are known as "wallet mobiles". [1]