An Electronic or Mobile Wallet is an encrypted storage medium that holds credit card and other financial information and can be used to complete electronic transactions without having to re-enter the stored data at the time of the transaction.
m-Wallets work much like prepaid credit cards and top up cards. They need to be loaded with money prior to use and then funds held on the m-Wallet are securely accessed directly from the mobile phone.
This makes it incredibly quick and convenient to use as a method of payment, typically using your mobile phone, through a simple SMS text or via Near Field Communication (NFC).
It is highly secure and requires either a PIN number or fingerprint identification to access on your smartphone so you don’t have to worry about compromised financial information if you lose your phone.