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Traveling-wave electroosmotic (TWEO) pumping arises from the action of an imposed traveling-wave (TW) electric field on its own induced charge in the diffuse double layer, which is formed on top of an electrode array immersed in electrolyte solutions. Such a traveling field can be merely realized in practice by a discrete electrode array upon which the corresponding voltages of correct phase are imposed. By employing the theory of linear and weakly nonlinear double-layer charging dynamics, a physical model incorporating both the nonlinear surface capacitance of diffuse layer and Faradaic current injection is developed herein in order to quantify the changes in TWEO pumping performance from a single-mode TW to discrete electrode configuration. Benefiting from the linear analysis, we investigate the influence of using discrete electrode array to create the TW signal on the resulting fluid motion, and several approaches are suggested to improve the pumping performance. In the nonlinear regime, our full numerical analysis considering the intervening isolation spacing indicates that a practical four-phase discrete electrode configuration of equal electrode and gap width exhibits stronger nonlinearity than expected from the idealized pump applied with a single-mode TW in terms of voltage-dependence of the ideal pumping frequency and peak flow rate, though it has a much lower pumping performance. For model validation, pumping of electrolytes by TWEO is achieved over a confocal spiral four-phase electrode array covered by an insulating microchannel; measurement of flow velocity indicates the modified nonlinear theory considering moderate Faradaic conductance is indeed a more accurate physical description of TWEO. These results offer useful guidelines for designing high-performance TWEO microfluidic pumps with discrete electrode array.