Mobile payment

Payment processing service performed via a mobile device, including NFC payments, mobile banking transfers, and app-based transactions; also known as mobile money or mobile wallet; distinct from traditional cash, cheque, or credit card payments

Mobile payment, also referred to as mobile money, mobile money transfer and mobile wallet, is any of various payment processing services operated under financial regulations and performed from or via a mobile device. Instead of paying with cash, cheque, or credit card, a consumer can use a payment app on a mobile device to pay for a wide range of services and digital or hard goods. Although the concept of using non-coin-based currency systems has a long history, it is only in the 21st century that the technology to support such systems has become widely available.

Also known as...

mobile wallet and mobile money transfer

• Wikipedia

---