Mobile Wallet

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What Is a Mobile Wallet?

A mobile wallet is an electronic account linked to a mobile number. It allows users to send, receive and store money on a mobile phone (not necessarily a smartphone).

Mobile wallets typically store currency in a secure account that’s linked to a specific mobile telephone number and they are a simple and effective way for individuals to manage money via a phone. In some countries, they are a popular alternative to a bank account. Many retailers allow for purchasing of items with a mobile wallet, and some mobile wallets integrate with several popular mobile payment services.

A mobile wallet is a secure way to store money. They are typically encrypted and are also protected by local financial regulations, similar to the funds stored in a regular bank account. Transactions require the user to authenticate themselves before money can be withdrawn or transferred, and there is a secure record of all transactions.

How Do I Transfer Money To a Mobile Wallet?

Use an international money transfer service to put money into a mobile wallet:

Use Monito's engine to find the best service;
Sign up for a free account;
Input recipient's mobile wallet account details;
Securely send the designated amount of money.

What Is a Mobile Wallet In Western Union?

Western Union does not offer a mobile wallet service. Western Union is an international money transfer service that operates branches around the world. They provide bank transfers, cash delivery, and cash pickups for sending and receiving money overseas.

To send money directly to the mobile wallet of the recipient with Western Union, download the Western Union app. We recommend comparing services with Monito's comparison engine before sending because Western Union is often not the cheapest option.

Best Way To Send Money to Mobile Wallets Around the World

Mobile wallets are available from a number of providers and in multiple locations around the world (such as M-Pesa in Kenya, GCash in the Philippines, or Paytm in India). Certain agents and locations will also allow a user to withdraw money stored in their mobile wallet as cash.

Several currency exchange providers that are rated by Monito can send money to mobile wallets around the world. Read our in-depth reviews of the following:

Why Trust Monito?

You’re probably all too familiar with the often outrageous cost of sending money abroad. After facing this frustration themselves back in 2013, co-founders François, Laurent, and Pascal launched a real-time comparison engine to compare the best money transfer services across the globe. Today, Monito’s award-winning comparisons, reviews, and guides are trusted by around 8 million people each year and our recommendations are backed by millions of pricing data points and dozens of expert tests — all allowing you to make the savviest decisions with confidence.

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