Mobile wallets are essentially digital versions of traditional wallets. While there are many variations, mobile wallets usually hold digital information about credit and debit cards for making payments, store coupons and loyalty programs, specific information about personal identity, and more, all on your smartphone.
You can utilize all of your stored information simply by opening an app on your phone, entering in a PIN, password, or fingerprint, and selecting the information you need to access. The app then utilizes information-transfer technology such as Near-Field Communications (NFC) to interact with a mobile-wallet-ready payment terminal. Rest assured, your credit or debit card information will be securely stored.