What is Mobile Payment? Definition and Meaning - Ikajo Glossary


Mobile Payment

Mobile Payment is a certain amount of money that users pay for services or goods via electronic tools among them tablets, and smartphones. This system is also used in the process of transferring funds to people/organizations etc. Nowadays, the majority of financial establishments have accepted this method into their banking apps that enable clients to transfer funds directly to the receiver from the cardholder’s bank account.

The MP is secure, all payment procedures are encrypted. That is why there is no need to worry about the card’s security. If a person decides to use m-payment, the vendor and the MPS provider assume the responsibility to guarantee the security of the client’s personal data. The obligations can vary; it depends on the details of the MP. Furthermore, traders can obtain credit card payments through this kind of payment.

The biggest MP systems accustomed to using electronic devices for selling goods/services. Many of them are identical to the laptop or web-based structures where visitors need to provide the data about the credit card in the mobile application. The amount of smartphones increases every day so m-payment becomes more and more popular nowadays.

Users can perform mobile payments differently. For online payments, shoppers can make web-based or in-app purchases. Users can pick the preferred e-wallet to checkout or a special mobile payment app. It is possible to checkout with the help of the barcode as well. Customers can shop with mobile payment help in the brick-and-mortar shop as well. Commonly, it’ll be an NFC-enabled payment or checkout with the barcode.

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