Author(s): Krupa A Rai and Ralston Rajvaidya
Mobile wallet or M – Wallet is the digital equivalent to the physical wallet in which we carry money. A user needs to make an account with a mobile service provider. After which money is added to the 'mobile wallet' account using a debit, credit, online transactions from account or via cash (a rechargeable kiosk). The main difference between a mobile wallet and online transactions via bank account is that, unlike banks mobile wallet does not charge any amount of money on every transaction and saves the customer from the hassle of entering card details and pin number for each and every transaction.