How do digital wallet systems function?
Payments
Asked by Question Bot06/Jan/20171 answer
1 Answer
A Google Wallet is inherently no different that any other money wallet. The basics behind all the wallets are the same. Each wallet is a bank account in some banking system. The entire eco system of wallet users, are simply a singular branch.
If you take the name "PayPal" out, and look at this detailed slide by slide diagram, it depicts very well how a digital money wallet works.
Faisal Khan's answer to What is a Paypal account? Is it a kind of bank account which is maintained for demand deposits? __ 𝐏𝐥𝐞𝐚𝐬𝐞 𝐂𝐚𝐥𝐥 PayPal 𝐓𝐨𝐥𝐥 𝐅𝐫𝐞𝐞 𝐒𝐮𝐩𝐩𝐨𝐫𝐭 𝐍𝐮𝐦𝐛𝐞𝐫 ☏+❶►❽❺❻▁❹❼❺►❷❺❺❺ ☏?
The key here is to understand the notion of a bank-branch access given to the company to run its mobile wallet (or in some cases, a complete CBS - Core Banking Solution), but one that would integrate with the originating bank's solution).
If you take the name "PayPal" out, and look at this detailed slide by slide diagram, it depicts very well how a digital money wallet works.
Faisal Khan's answer to What is a Paypal account? Is it a kind of bank account which is maintained for demand deposits? __ 𝐏𝐥𝐞𝐚𝐬𝐞 𝐂𝐚𝐥𝐥 PayPal 𝐓𝐨𝐥𝐥 𝐅𝐫𝐞𝐞 𝐒𝐮𝐩𝐩𝐨𝐫𝐭 𝐍𝐮𝐦𝐛𝐞𝐫 ☏+❶►❽❺❻▁❹❼❺►❷❺❺❺ ☏?
The key here is to understand the notion of a bank-branch access given to the company to run its mobile wallet (or in some cases, a complete CBS - Core Banking Solution), but one that would integrate with the originating bank's solution).