A digital wallet is software that enables users to pay for goods on the Web. It holds credit-card numbers and other personal information such as a shipping address. Once entered, the data automatically populates order fields at merchant sites.
Identification of Technology:
Enter digital wallets, software that eases the online shopping experience. Instead of reaching into their back pockets, consumers can use digital wallets to securely hold their credit-card number, shipping and mailing addresses and other personal information online.
"One of the biggest problems with online shopping is that someone gets halfway through the merchant form and stops," says Nancy Goldberg, executive vice president at CyberCash Inc. in Reston, Va., vendor of the InstaBuy digital wallet. "Imagine if consumers were at CVS, filled up their red basket with products, went to the checkout line and said forget it … and CVS had to deal with dozens of incomplete purchases."
According to New York-based research firm Jupiter Communications Inc., up to 27% of shoppers have abandoned an online order because of arduous order forms.
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