Digital Wallets

The digital Wallet is the construct with which information about a given customer is stored. It contains relevant information about a given customer in order to make it possible for them to make purchases and receive digital goods and services, such as:

• Account Balance

• Contact Information

• Stored Payment Methods

Account Balance

The account balance is how much real currency that the customer has in their account that can be used to make purchases. This balance should either be positive or zero and never negative. A positive balance means the customer has pre-paid funds to purchase digital goods and services. A negative balance indicates that the customer has received digital goods or services but has not yet paid.

It is most common for a wallet to have a zero balance. This is usually because funds are added to the wallet only when the customer makes purchase a desired purchase. When the purchase is made, the funds are added to the wallet and immediately deducted to purchase the item.

Contact Information

All customers must have basic contact information stored in order to fulfill tax and accounting obligations. This may represent a single individual (in the case of a single user account) or multiple contacts (in the case of organizations or teams).

Stored Payment Methods

The wallet also contains stored payment methods. Note that no sensitive information is actually stored. The information stored are specially encrypted tokens specific to a given payment processor that is used to perform a payment transaction. All sensitive banking and financial information is stored directly with the payment processor and never enters the service.