Wallet (mobile wallet)
What is it?
Mobile wallet refers to using your mobile phone to pay for items.
How does it work?
Your mobile phone would carry an application that would mean it would become a replacement for cash, EFTPOS or your credit card.
Why is it useful?
As our mobile phones are already designed to send and receive banking transactions, and interact with other devices, the idea behind the mobile wallet is that it can conveniently act as a payment method saving the user from having to fumble around the traditional wallet for the right cash or credit card.
What do you need to keep in mind about your child and mobile wallets?
Currently the mobile wallet is being trialled in a limited way and is not yet common in Australia. When it does become popular, however it will be important that if your child can use their mobile as a wallet that they have a budget and know how to use it securely.