There are also merchant apps, such as those from Starbucks and Walmart, that have mobile wallet capabilities but can be used only at specific stores. A mobile wallet can keep track of rewards program information, making it easier to get credit for qualifying purchases. Merchants and credit card issuers might also offer promotional bonus rewards for mobile wallet transactions. To start, you'll need to load your bank information onto your preferred mobile wallet device. Mobile wallets rely on near-field communication, or NFC, which uses a chip in the mobile device to wirelessly communicate with the merchant's payment terminal.

Source: ABC News October 30, 2018 14:06 UTC