Digital wallet as a software program or a digital device allows users to
conduct various transactions. Hot and cold digital wallets are considered as
two types of this wallet. Digital wallets need an online connection fall into
the first group, whereas digital wallets can operate without internet
connection belong to the second group. Prior to buying a digital wallet, it is
important to define for what purpose it will be utilized. The ease with which a
mobile phone transaction may be completed in a couple of seconds and the speed
with which transactions are executed are reflection of efficiency. One of the
most important elements of digital wallets is data organization. Digital
wallets are significantly less expensive than classic methods of transaction,
which entails various charges and fees. Constantly, demand for their usage is
growing due to speed, security, and the ability to conduct transactions between
two users without the need of a third party. As the popularity of digital
currency wallets grows, the number of security concerns impacting them
increases significantly. The current status of digital wallets on the market,
as well as the options for an efficient solution for obtaining and utilizing
digital wallets. Finally, the digital wallets’ security and future improvement
prospects are discussed in this chapter.
