HIT Consultant features an article by Curtis Bauer, Chief Product Officer, “What Are Digital Wallets and What Do They Mean for Healthcare?”. Below is an excerpt:
Digital wallets are a payment option that continues to gain traction among consumers due to their simplicity and ease. Many providers, however, may be unfamiliar with the technology and how it can benefit their practices and patients.
At the most basic level, a digital wallet is a digital, mobile version of patients’ financial accounts that is easily accessible via a computer or smartphone, eliminating much of the need to carry an actual wallet. Digital wallets can be used by consumers at payment terminals at in-person locations, or via apps and websites. The most common payment type examples include Apple Pay, Google Pay, Venmo and Cash App.
The mobile, contactless payment process delivered by digital wallets has become increasingly popular with patients as they expect healthcare providers to deliver the consumer convenience they experience in other industries.
Read the full article here.