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 Transactions require the user to authenticate themselves before money can be withdrawn or transferred, and there is a secure record of all transactions.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.
Mobile Wallet — Related terms
A mobile wallet is also known as a digital wallet, electronic wallet or mobile money.
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