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Battery is a lithium polymer cell. Nominally 3.7 volts, maximum full charged voltage is 4.2 volts.
Charging circuitry reduces the voltage inside the device to charge the battery.
Lipos charge on a CC-CV curve. They start at a Constant Current mode, the current is adjusted by reducing the voltage. Once the cell gets to 4.2 volts input, the charger switches to Constant Voltage, holding the 4.2 volts as the charge current reduces. But some devices reduce the maximum voltage (also reducing the amount of charge) to increase the life of the battery.
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