A Digital Wallet: Account Use Case

"Digital Wallets are essential in today's financial ecosystem as they cater to the increasing demand for instantaneous, secure, and versatile financial transactions. They simplify the management of diverse assets, from traditional currencies to emerging digital forms like stablecoins and central bank digital currencies. By offering a unified interface for storing and transacting various forms of value, digital wallets enhance user convenience, improve security measures, and expand financial accessibility. Their adaptability makes them indispensable for both financial and non-financial entities looking to stay competitive in a rapidly digitising world.

Digital Wallets grant different capabilities; they store access and identity data, manage security, can store documents, cards, digitized asset and securities. They can store also different forms of money and enable the transfer of funds. Focusing on these two features, a Digital Wallet Account can be simply created leveraging Tuum flexibility and capability richness, in particular configuring Accounts and Payments modules.

🔹 Wallet Request / Dashboards

The user can view the requests that have been received by other wallet users for fund transfers as well as those requests that have been made to other wallets to receive funds, with the status.

🔹 Transfer Money From Wallets

• Existing Payee - Internal & Domestic transfers

• My Accounts - to their own accounts held in the PSP.New Payee

🔹 Recharge Wallet

• From the user's own Accounts (for existing Accounts users of the same PSP)

• Request for funds from other users' wallets (Wallet ID or Mobile Number or SEPA Instant Request-To-Pay)

• Funding from external sources such as credit cards, debit cards, other bank accounts (depending on Payment Aggregator support)

🔹 Transfer Money Between Wallets

• This feature enables the retail user having a wallet account with the PSP, to initiate the payments from his wallet to the other user's wallet by specifying his mobile number without adding him as a payee

🔹 Wallet Details Contract Data (Ids, Master Data, Address, Primary Bank IBAN)

Reward Calculation Method

Multi-Currency / Virtual

Accounts Amount Block and Release

Interchange Commission Calculation & Liquidation

Electronic bill presentment and payment (EBPP)"

Author

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