Mobile payment

A payment made or authorized using a mobile device, such as a smartphone or tablet. It can use mobile apps, stored credentials, or contactless communication.

Near-field communication: A short-range wireless communication technology that exchanges data between nearby devices. It enables tap-to-pay transactions between phones or cards and payment terminals.
Contactless payment: A payment made by presenting a card or device near a compatible terminal, without physical contact. Phone-based tap-to-pay is one of the most visible forms of mobile payment.
Cash: Physical currency, including coins and banknotes, used to settle transactions directly. Cash settles purchases without a device, network, or digital payment intermediary.
Financial inclusion: The availability and use of affordable financial services by individuals and businesses. Mobile payment systems can reach people underserved by conventional banking and card infrastructure.
Tokenization: A security method that replaces sensitive data with a substitute value that has limited use. Wallets use payment tokens so merchants need not receive the card number stored on a device.
Peer-to-peer payment: A transfer of money between individuals, typically initiated through a payment service or app. Mobile apps let individuals send money without using a merchant checkout.
Payment card: A physical or virtual card credential used to initiate payments from a linked account or credit line. A phone can present a card credential digitally instead of requiring the plastic card.
Cashless society: A society in which electronic payments largely replace physical cash in everyday transactions. Widespread mobile payment adoption can accelerate movement away from cash.
Mobile wallet: An app or digital service that stores payment credentials and enables transactions from a mobile device. It is a common software interface for storing credentials and initiating mobile payments.
Mobile banking: The use of a mobile device to access banking services and manage financial accounts. Banking apps can authorize bill payments and transfers from the same device used for purchases.

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