Users can easily access all the information on their bank cards stored on the mobile by entering a pin on the mobile app. The mobile app uses information transfer technology to facilitate interaction with mobile wallet’s ready-to-pay terminals. Besides storing credit or debit cards, mobile phone also stores loyalty cards, coupons, and tickets.
To keep your mobile wallet encashed you have to transfer money to it through a bank account, debit card, credit card, or link it directly. There are both types of mobile wallets, prepaid and post-paid wallets. The prepaid wallet is required to recharge to make payments. In post-paid wallets, they are directly linked with the bank account. Thus, each time the transactions you will make from a mobile wallet, the money will get deducted from the bank account.
