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Question
Explain ‘Mobile Wallets’.
Short Note
Solution
A mobile wallet is an app-based payment service that allows money to be sent to or received from another person. To do so, one must first download and register for a pre-approved payment app on their smartphone. The mobile application can be linked to a bank account, debit card, or credit card, and payments can be made by scanning a QR code or entering a phone number.
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