This weekend’s financial math class is all about payments, in particular, mobile payments and mobile wallet💰.
Mobile wallet 移动钱包 are digital forms of wallet that people carry (or used to carry) in their pockets. As we do not tend to carry large amounts of money in wallets, mobile wallets are convenient for small payments (as opposed to payments in larger businesses).
📳 They hold digital information about payments including credit and/or debit card, bank account, pre-paid card, virtual currency information, coupons and loyalty membership, and wallet holder identifications.📟
A mobile wallet is a software application (app) 💻that does the following:
- Secure enrollment of the holder (application download, identification)
- Securely store user information such as phone number, email address, and mailing address
The flow chart below summarizes the history of technology and events that evolve over the last eighty years.
In China and many places around the world 🌎, mobile payment is accounting for most of the retail payments. So you should know about how it works. Next class we will talk about the math that goes into making mobile payment secure.