A Mobile Wallet or Electronic 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.
mWallets 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.