How does a mobile wallet work?

Mobile wallet

In the digital age, there is almost nothing that you can’t do through your smartphone anymore. This includes keeping your cash, paying for purchases and storing your credit card information through a mobile wallet.

What exactly is a mobile wallet?

A mobile wallet is a secure way to keep your money with you that can be more convenient than the traditional wallet that you carry around physically. They are e-wallets that you can download an app to be able to make payments, keep your points or rewards, store your money, and also keeps your debit or credit card information. An e-wallet has advanced payment solutions that enables you to have all your transfers made securely with just a few clicks of your mobile phone to either make payments or send and receive money.

How do you get a mobile wallet?

Anybody can get a mobile wallet by simply downloading the app provided by the online payment service of your choice. Once you do, you just open up an account with them and put in all the information that you will be needing such as your bank account details and your credit or debit card information.

This is actually more secure than bringing your cards along with you since these apps use encrypted software to avoid being hacked or stolen from. These mobile wallets also enable you to keep up to date on exactly how much is in your bank account without having to go through your bank to check. These e-wallets also go a step further for your convenience since you will also be able to buy train or airline tickets with them, pay your bills and utilities, and even recharge your mobile or data plans.

There are fees involved in getting a mobile wallet but they are usually very affordable and won’t charge you for every payment or secure online transaction that you do. It is usually a flat rate that you will be informed about during the process of opening up the e-wallet account.

How do mobile wallets work?

There are different ways for a mobile wallet to work when you make a payment. One of the most common methods of making a payment is through the use of QR codes. You simply whip out the code when you are on the checkout for your purchase and scan it through the merchant’s point-of-sale (POS) system and you will be good to go.

Another method is simply through your mobile phone number. All you have to do is give the merchant your phone number that is linked to your mobile wallet and the transaction will be processed instantly.

One of the best features of having a mobile wallet is the security features that they offer such as fingerprint checks or encrypted keys. This makes it even harder for hacking or other fraudulent activities to be done to the money and information stored in there unlike how it would be if you were simply using your debit or credit card to make an online payment.