What is a mobile wallet

What is mobile wallet?

Mobile wallets are like your wallets but on the phone in the form of Apps. They store your bank account details, debit card/credit card details to enable cashless payment.

For example – You withdraw money from an ATM or bank and keep it in your wallet to spend. Similarly, you keep the digital money in your mobile wallet to spend by transferring some money from your account to digital wallets. Like, if you add money to PhonePe or PayTm wallet and spend from there then you are using mobile wallet.

Quick Tip

Mobile wallet is different from UPI as the debit for payments is not happening directly from the bank but from the money you add to the wallet. Once it finishes you will need to add more money to your wallet to enable.

The most popular mobile wallet apps in India are PayTM, PhonePe. Payments are made from the phone numbers linked to your bank account

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