Mobile Payment Systems
Overview
Mobile payment systems have gained immense popularity due to a combination of convenience, security, and the increasing ubiquity of smartphones.
Mobile Payment
A mobile payment is performing a financial transaction using a mobile device. Mobile devices include cell phones, mobile phones, tablets, and any other device that connects to a mobile network for making payments. For example, buying goods using a mobile device. Mobile payment is also known as M-payment, mobile money, or mobile wallet.
Mobile Payment Systems
A mobile payment system is a method of making financial transactions using mobile devices like cell phones, smartphones, and tablets. This technology allows consumers to make payments for goods and services digitally without physical cash or using credit cards.
Examples
Some of the examples of mobile payment systems are as follows:
- Google Pay
- Apple Pay
- Samsung Pay
Google Pay
Google Pay is a digital wallet platform and online payment system developed by Google to power in-app and tap-to-pay purchases on Android mobile devices, enabling users to make payments with Android phones, tablets, or watches.
Apple Pay
Apple Pay is a mobile payment and digital wallet service by Apple Inc. It allows users to make payments using an iPhone, Apple Watch, or iPad.
Samsung Pay
Samsung Pay is a mobile payment and digital wallet service by Samsung Electronics that allows users to make payments using compatible Samsung phones.
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