, you have to first register for the service on MasterCard’s website and enter your card details such as card number, expiry date, CVV and address. As different types of wallet become available, this reports highlights how digital wallets are different to pre-paid wallets. When using a digital wallet, such as the Citi MasterPass wallet, the money stays in the bank account or on the credit card, but with a pre-paid wallet, the money is transferred to either a merchants account or an escrow account. The report also shows that there has been significant growth in the number of people who have used prepaid cards for their daily transactions. Pre-paid wallets are more often subject to transaction limits and validity periods.
As different types of wallet become available, this reports highlights how digital wallets are different to pre-paid wallets. When using a digital wallet, such as the Citi MasterPass wallet, the money stays in the bank account or on the credit card, but with a pre-paid wallet, the money is transferred to either a merchants account or an escrow account. The report also shows that there has been significant growth in the number of people who have used prepaid cards for their daily transactions. Pre-paid wallets are more often subject to transaction limits and validity periods.