Fiat digital wallets are an an application for mobile financial transactions. Your payment data and passwords are securely stored there. These programs let you pay using your mobile phone instead of carrying your cards with you while shopping. Simply, you input and save the details of your credit card, debit card, or bank account so that you can use your smartphone to make purchases later on. Digital wallets can also store gift cards, membership cards, loyalty cards, coupons, event tickets, plane and transit tickets, hotel reservations, driver's license, identification cards and car keys. There are several digital wallets that deliver different advantages available. Thus, it is important to do your own research to find the one that meets your needs and desires the most. These are not to be confused with crypto wallets.

Digital wallets transport payment information securely from your smartphone to a point of sale built to read the data and connect via these signals using a mobile device's wireless capabilities including Bluetooth, wifi, and magnetic signals. Your smartphone sends your card details and select to use for a transaction to the point of sale terminal, which is linked to payment processors. The money is then forwarded through the banks and credit card networks via the processors, gateways, acquirers, or any other third parties participating in credit and debit card transactions.

You can go to your mobile phone’s app store and download the digital wallet that you choose. Then, you can open the app and enter the requested information such as password. Subsequently, you can adjust your settings if needed.