Advertisement

Mobile Wallet

What does Mobile Wallet mean?

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.

Advertisement

Techopedia explains Mobile Wallet

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:

  • Mobile-based billing – A user generally sends/receive payment via their mobile service provider (or in the same invoice).
  • SMS-based transactions – The transaction is initiated by sending an SMS short code. In this case the payment can be credited/debited from the configured bank account, credit card or mobile service.
  • Mobile web payments – Allows a user to send/receive payments via a mobile app.
  • Near-field communications (NFC) - This uses a mobile app and special hardware built in to the mobile device to interact with a payment-processing terminal.

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).

Advertisement

Synonyms

Mobile Money, Mobile Money Transfer

Share this Term

  • Facebook
  • LinkedIn
  • Twitter

Survey: Why Is There Still a Gender Gap in Tech?

Do you work in the tech industry? Help us learn more about why the gender gap still exists in tech by taking this quick survey! Survey respondents will also be entered to win a $100 Amazon Gift Card!

Related Reading

Tags

e-CommerceMobile ComputingTechnology TrendsPersonal Tech

Trending Articles

Newest Articles

Go back to top