Glossary

Mobile Wallet

MW 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 payments, this service can be applied with the traders that also use the MW. This virtual wallet enables the customer to pay for goods/services only with the help of a cell phone. 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 is asked for the verification. Finally, he/she is able to pay for the purchases.   

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