A wallet is a small software program used for online purchase transactions. Many payment solution companies, such as CyberCase, offer free Wallet software that allows several methods of payment to be defined within the wallet (for example, several different credit cards). Here's how it works:
- When you order something, the order is sent to the merchant. The merchant (actually, the merchant's server) sends back an invoice and asks the consumer to launch the Wallet in his computer (or to download it quickly if the consumer doesn't have it yet).
- When the consumer selects "Pay," the CyberCash software on the merchant server sends a message back to the consumer's PC that activates the "Wallet" software. The consumer selects one of the cards defined in the Wallet and clicks.
- The transaction includes real-time credit card authorization.
- CyberCash says" Soon we will incorporate an electronic "Cash" and "Coin" system to use for transactions that are considered small for credit cards.