The term digital wallet refers to a software application that enables users to store and manage their payment methods, identification, and private information in a secure, digital format. These wallets typically support various payment methods, including credit cards, debit cards, and cryptocurrencies. Users can make purchases online or in physical stores by scanning a QR code or using NFC technology. Furthermore, digital wallets can store essential documents, such as tickets and loyalty cards, enhancing convenience. Their integration with financial services facilitates easier transactions, promoting a cashless economy.