Mobile Wallet: Definition, How It Works, Vs. Digital Wallets

A mobile wallet is a digital wallet that stores payment card information on a mobile device.

Mobile wallets are a convenient way for a user to make in-store payments and can be used at merchants listed with the mobile wallet service provider.

  • Mobile wallets are safe apps for storing financial instruments and other documents such as credit cards, bank information, and even driver's licenses.
  • Many smartphones come loaded with mobile wallets.
  • Mobile wallets use near-field communication technology, which requires users to be present when paying for something.
  • Mobile wallets utilize many layers of encryption and security to ensure that transactions are safe.

You can learn about the benefits of mobile wallets, the available apps, and some of the frequently asked questions in this article.