Return to Glossary

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