What is a Mobile Wallet?

A mobile wallet is an application that allows users to digitally store money, make payments and carry out financial transactions via their smartphones or other mobile devices. Mobile wallets offer users convenience and speed in shopping and payment transactions, eliminating the need to carry physical cash or use plastic cards.

These wallets can typically be linked to a bank account or credit/debit card and can be used by users for in-store payments, online purchases or even to transfer money to friends or family members. NFC (Near Field Communication) technology, QR codes and other mobile payment technologies support the basic functionality of mobile wallets.