Web Wallet definition and meaning

Web wallet is a widely used modern-day term that refers to an online wallet. This type of wallet serves the same purpose as your everyday wallet. Naturally, the most significant difference is that regular wallets have a physical form while web wallets are online software.

There are two different versions of web wallets. One of those two types is commonly referred to as e-wallet. These are used for storing your everyday fiat currency and some of the most popular ones are Skrill, PayPal, and Neteller.

Other types of web wallets are the ones that can be used to send and receive cryptocurrencies. They’re a software program that stores public and private keys and interacts with blockchain.

Whether you’re using a regular wallet, web wallet, or crypto wallet, each serves the same purpose. Just make sure to let the other person know what type of web wallet you are referring to if you use the term in a conversation.

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