I’ve personally disliked carrying too much cash in my physical wallet since the dawn of time. So it’s great that (mostly) gone are the days that one has to do make a last-minute dash to a nearby ATM or have friends pay first, get their bank account details and do an online transfer to them after.
Mobile Wallet
A mobile wallet is a smartphone app that securely stores credit, debit, gift cards and other funding sources to make payments in-store, online or on-the-go. Also known as digital wallets, mobile money or eWallets, digital wallets are safe and convenient alternatives to cash, checks and plastic payment cards.
Generally speaking, mobile wallets can be categorized into:
- mobile device-based wallets (Apple Pay, Google Pay & Samsung Pay).
- Bank-owned wallets (DBS PayLah, OCBC Pay Anyone & UOB Mighty).
- Service provider-owned wallets (GrabPay, FavePay & Singtel Dash).
Mobile device-based wallets allow you to tap your mobile device against the payment terminal as if it were a credit or debt card. This payment method requires you to own a phone with NFC (Near Field Communication) capabilities — which allows the transmission of data from your phone to the point of sale terminal through radio frequencies. While Apple Pay and Google Pay only work at NFC terminals, Samsung Pay also works at EMV terminals (which recognize magnetic stripes on cards).
The other mobile wallets usually require you to scan the Merchant’s QR code to effect payment. The main difference between the bank-owned and service provider-owned wallets is that the bank-owned ones can be linked to your account with the bank whereas the service provider-owned ones are linked to accepted debit or credit cards. AliPay and WeChat Pay which are widely used in China used to require users to have a Chinese bank account, but started accepting international debit and credit cards in November 2019.
Here’re the key deets TABUL8TED!
Mobile Device-based Wallets
Bank or Service-Provider Owned Wallets
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