CYBERWALLET Meaning and
Definition
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A cyberwallet, also known as an electronic wallet or e-wallet, is a digital storage system that allows users to securely store, manage, and conduct various financial transactions. It acts as a virtual container that holds personal and financial information, such as credit card details, bank account numbers, and other payment credentials.
Typically, a cyberwallet offers a convenient way to make online payments and facilitate transactions without the need to input payment information repeatedly. It acts as an intermediary between a user and the payment sources, securely storing the sensitive details and facilitating transactions by authenticating the user's identity. This eliminates the need to disclose payment information to multiple online platforms or merchants.
The features and functions of cyberwallets vary from platform to platform, but common functionalities include the ability to link multiple payment sources, allowing users to switch between different payment methods seamlessly. Cyberwallets may also provide additional services such as tracking transaction history, setting spending limits, and offering rewards or loyalty programs.
Furthermore, cyberwallets often incorporate encryption and other security measures to protect users' financial information. This ensures that transactions conducted through the wallet remain secure and personal data remains confidential.
Overall, cyberwallets offer a convenient and secure way for users to manage and transact their digital finances, streamlining the online payment experience while minimizing the risks associated with sharing payment details with multiple parties.
Etymology of CYBERWALLET
The word "cyberwallet" is a combination of the terms "cyber" and "wallet".
The term "cyber" is derived from the word "cybernetics", which originated in the 1940s from the Greek word "kybernētēs", meaning "steersman" or "governor". "Cyber" is often used to refer to anything related to computers, technology, or the internet.
The word "wallet" has its roots in Old High German, where "wahl" meant "fold" and "otte" meant "bag". Over time, it evolved into "wallet", referring to a small case or pocket-sized container for holding money and personal items.
Thus, "cyberwallet" combines the idea of a traditional physical wallet with the "cyber" prefix, indicating its digital or online nature.
