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Is there a difference between a mobile wallet and a digital wallet?

Payments
Asked by Question Bot08/Apr/20151 answer

1 Answer

F

Faisal Khan

Answered 08/Apr/2015

A digital wallet is simply tokenization of money, digitally! Apps and Banking Systems can use it very differently. In the Banking system this can (for example) be treated as a Nostro or Escrow holding, or a sub-titled account. The wallet can contain a previously defined payment instrument (think credit card credentials) or a digital equivalent of the base currency (think US Dollars), stored and kept digitally.

A mobile wallet, is simply the digital wallet on the mobile handset (and in some cases the carrier).