Mobile Payment

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Mobile Payment is a money payment made for a product or service through a portable electronic device such as a tablet or cell phone. Mobile Payment technology can also be used to send money to friends or family members, such as with the applications PayPal and Venmo.

Initially more popular in Asia and Europe, mobile payments spread to North America and experienced considerable growth.Merchants unwilling to retool existing terminals have contributed to the slow growth of mobile pay compared to physical credit cards.Mobile payments offer additional privacy and security benefits compared to physical cards.There are mobile payment apps for both Apple and Android (Apple Pay and Google Pay). Source: https://www.investopedia.com/terms/m/mobile-payment.asp