Mobile wallet
A mobile wallet is a type of digital wallet that is used with a mobile device, allowing users to make contactless payments in-store.
Frequently Asked Questions
The consumer links their payment method, such as a credit card or prepaid card, to the mobile wallet app. Wallet apps can be used on devices such as smartphones and smartwatches. When the mobile device is held close to a compatible payment terminal, the wallet transfers encrypted payment information to complete the purchase.
Some popular options include Apple Pay, Google Pay and Samsung Pay. These apps help consumers spend securely and conveniently in person without needing to carry physical payment methods.
Security is one of the primary benefits of paying with a mobile wallet. Features, such as tokenization, which replaces card numbers with encrypted codes, keep payment methods safe from fraudulent actors. Mobile wallets are also convenient to use and enable consumers to declutter their physical wallets.
