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A mobile wallet is a type of payment service through which businesses and individuals can receive and send money via mobile devices. It is a form of e-commerce model that is designed to be used with mobile devices due to their convenience and easy access.
A mobile wallet is also known as mobile money or a mobile money transfer.
A mobile wallet primarily enables an individual to pay as well as receive payment using a mobile device. Typically, a mobile wallet is delivered through several payment processing models. This includes, but not limited to:
Regardless of the model used, a mobile wallet service is generally delivered by and in collaboration with mobile service providers and banks (or other financial institutions).