Mobile wallets are digital wallets accessible via smartphones that let users store money, make payments, and access financial services without a bank account. Adoption surged during COVID-19, and usage is expected to rise from 3.4 billion users in 2022 to 5.2 billion by 2026. Wallet types include closed-loop (merchant-linked), open-loop (card-based), and semi-closed (regional networks). Benefits include no hidden fees, simple registration, and secure, fast payments. Despite growth, fragmentation, interoperability issues, and varied regulations limit seamless use. Solutions like Thunes’ global interoperable network aim to connect wallets across 130+ countries.

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