A consumer wallet is a digital wallet opened by an individual for personal use, such as paying in shops and online, sending money to friends and family, paying bills and keeping a balance. It may hold stored value as electronic money, or it may simply store card details and pass payments to a linked card or bank account. Many consumer wallets run as a mobile wallet app.
Consumer wallets are distinguished from a business wallet or merchant wallet, which are designed for receiving payments, paying suppliers and handling many users. Providers typically set wallet limits on consumer wallets according to the level of identity checks completed, and consumer protection rules on refunds, complaints and fees usually apply more strongly to individuals than to businesses.