Mobile wallets and mobile money services have become two important technologies in the quickly changing world of digital finance. Mobile wallets often referred to as electronic wallets (e-wallets) or digital wallets are software-based programs that securely store users payment information, enabling electronic transactions via cellphones and other digital devices. These wallets are the epitome of practicality and usability since they make it simple for users to send and receive money, pay bills, and manage their accounts. Their accessibility may be constrained, nevertheless, by their dependency on smartphone technology and the requirement for bank account linking. Mobile money services, on the other hand, are primarily created for financial inclusion and target unbanked and underbanked populations globally. These services, which have their roots in places like Africa, let users utilize simple mobile phones to carry out a range of financial transactions, such as person-to-person transfers, bill payments, and airtime top-ups. Mobile money services frequently operate under the auspices of banks or telecom firms, providing underserved communities with a doorway to conventional financial services. The main distinctions between mobile wallets and mobile money are thoroughly discussed in this article, including ownership and control, goal and use cases, accessibility and compatibility, funding and transactions, and security measures. It also looks at developing trends, legal frameworks, and the changing environment of mobile finance. With success stories like M-Pesa in Kenya, the digital payment revolution in India, and the domination of WeChat Pay and Alipay in China, regional perspectives highlight the ubiquity and significance of these technologies around the world.