Glossary

Mobile Wallet

What is the mobile wallet?

Mobile Wallet is a special kind of a virtual wallet which collects the data about the payments with the help of electronic devices. Such wallet is an advantageous way for a person to conduct in-store and online payments, the shopper can use this service with the traders that also employ the MW. This virtual wallet enables the customer to pay for goods/services only with the help of the smartphone. In this situation, the MW plays the role of a credit card. Moreover, usually, it is more difficult to steal or get information from it. Mobile money service commonly collaborates with MS providers as well as financial establishments.

The digital wallet becomes more popular now because it provides protection along with convenience during the payment transactions. In order to use this kind of payment the client only needs to indicate the type of the device, and ‘add’ credit card. After this process, the client needs to verify oneself. Finally, he/she is able to pay for the purchases.

If the customer goes to the store that receives payments via smartphone, he/she just needs to hold the phone over the reader while placing the finger touch ID or entering the PIN code. After that, the device will inform the person about the successful transaction.

Users can pay using certain mobile wallets in online stores. An example is the checkout option with Google Pay, Apple Pay, and so on.

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