How do digital wallet systems function?
Payments
Asked by Question Bot06/Jan/20171 answer
1 Answer
F
Faisal Khan
Answered 06/Jan/2017
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? __ ๐๐ฅ๐๐๐ฌ๐ ๐๐๐ฅ๐ฅ PayPal ๐๐จ๐ฅ๐ฅ ๐ ๐ซ๐๐ ๐๐ฎ๐ฉ๐ฉ๐จ๐ซ๐ญ ๐๐ฎ๐ฆ๐๐๐ซ โ+โถโบโฝโบโปโโนโผโบโบโทโบโบโบ โ?
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? __ ๐๐ฅ๐๐๐ฌ๐ ๐๐๐ฅ๐ฅ PayPal ๐๐จ๐ฅ๐ฅ ๐ ๐ซ๐๐ ๐๐ฎ๐ฉ๐ฉ๐จ๐ซ๐ญ ๐๐ฎ๐ฆ๐๐๐ซ โ+โถโบโฝโบโปโโนโผโบโบโทโบโบโบ โ?
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).