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 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 smartphone. 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 Transactions require the user to authenticate themselves before money can be withdrawn or transferred, and there is a secure record of all transactions.
Mobile wallets are available from a number of providers and in multiple locations around the world. Certain agents and locations will also allow a user to withdraw money stored in their mobile wallet as cash.
Several currency exchange providers offer mobile wallet services including WorldRemit, Azimo and Small World.
Mobile Wallet — Related terms
A mobile wallet is also known as a digital wallet, electronic wallet or mobile money.
Money Transfer Glossary
When it comes to exchanging money, paying for your transfer, understanding exchange rates and more, it’s important to understand what all the details mean. But don't worry. We’ve got you covered with our complete Monito glossary and guide to the most frequent terms you’ll come across when you send or receive money internationally.
Check out our guides
- Avoid inflated fees and find the cheapest way to send money, right here, right now.
- How can you make the most of your currency exchange when you transfer large sums of money across borders? By finding the right money transfer company for your needs. When making la…