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Definition: smartphone wallet


(1) A combo wallet and phone case. See phone wallet.

(2) A smartphone app that replaces the need to carry physical credit cards, debit cards, gift cards and loyalty cards (see loyalty punch card), as well as boarding passes and other forms of identification. It allows a user to pay for merchandise in a physical store by tapping the phone on the merchant's terminal (NFC) or scanning a barcode displayed either on the terminal or the phone. Security is provided by the phone's fingerprint reader or by entering a PIN. See Bluetooth and NFC.

Because smartphones know their current location, users can be sent offers from nearby stores, and the wallet may be able to take the appropriate discounts if a purchase is made. The more retail merchants participate, the more successful these systems become. Apple Pay, Android Pay and Samsung Pay are the major payments services. See mobile payment service, Apple Wallet, digital wallet, Apple Pay and Google Pay.