Recent trends show that digital money kept in mobile wallets will soon replace physical cash and even credit cards with some countries are even actively trying to remove cash in circulation – just look at Sweden.
Since We can buy most products and services online these days via our laptops and mobile devices. It’s easy to link this process to our bank accounts and online payment processors like PayPal.
Mobile wallets also sometimes called electronic/e-wallets, virtual wallets, digital wallets and similar terms are mobile applications that enable financial transactions. They help customers to send payments for things we buy with just a few taps on the phone.
During payment, all we have to do is to follow the payment instructions – enter or scan a code or an address, usually – and the amount will be deducted from your mobile wallet account into the merchant’s wallet account.