Which term refers to an electronic wallet service that allows you to store, send and receive money using your mobile phone?

Which term refers to an electronic wallet service that allows you to store, send and receive money using your mobile phone?

• A. Telebanking
• B. Electronic Transfer
• C. Services
• D. M-Money

Answer: (D)

This question tests recognizing a mobile wallet service—a digital wallet on your phone that stores funds and lets you send and receive money. M-Money is the term that matches that idea, naming a mobile money service directly. Telebanking describes banking over the phone in a more general sense, not a wallet app. Electronic Transfer is a broad term for moving funds between accounts and doesn’t specify a mobile-wallet service. Services is too vague to identify the concept. So the best fit is M-Money, the mobile money solution that enables storing, sending, and receiving money on a phone.

This question tests recognizing a mobile wallet service—a digital wallet on your phone that stores funds and lets you send and receive money. M-Money is the term that matches that idea, naming a mobile money service directly. Telebanking describes banking over the phone in a more general sense, not a wallet app. Electronic Transfer is a broad term for moving funds between accounts and doesn’t specify a mobile-wallet service. Services is too vague to identify the concept. So the best fit is M-Money, the mobile money solution that enables storing, sending, and receiving money on a phone.