With the advancement in technology so also follow the improvement in the
way we carry out transactions, prior to this time we rely on pc’s for online
transactions. However the advent of smart phones have made it possible to
carry out transaction right from the comfort of our homes or even on the go
via mobile wallets that offers complete control to the holder of the wallet.
What is a mobile wallet?
These wallets are programs or devices that allows users to receive, make
payments and carry out transactions and can be download from the mobile
store on mobile devices for making transactions easier and faster from any
The advent of mobile wallets has further helped to bring Nigeria closer to
becoming a cashless society and deepen financial inclusion in the country.
Recently, we have seen the emergence of different mobile wallets that have been created to bridge the financial exclusion gap, while making financial transactions easier. However these wallets are not just limited for cash (Fiat) transactions but also for cryptocurrencies such as bitcoin and these wallets are prerequisite for any cryptocurrency transaction as the wallet makes it possible to manage and transact on the blockchain.
How mobile wallets works
Here is how the mobile wallet works, after installing the mobile wallet you have to fund the wallet through an agent, or direct transfer from your bank account or debit card (i.e when funding your wallet with fiat) but in this case we would limit the topic to digital currency. To fund your mobile wallet with digital currency such as bitcoin for instance you have to buy bitcoin from an exchange platform which would then transfer the equal value of bitcoin paid for into your wallet. However most exchange platforms render wallet service, providing users with mobile wallets which they can use to manage there asset. Hence, they can make transaction from their mobile wallet, send or receive bitcoin with their unique wallet address.
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