Nowadays people are increasingly using their smartphone for paying for their purchases. When a payment is made with a phone or a tablet, it is called mobile payment, mobile money transfer or mobile money.
Mobile payment in brief
A. Contactless payment is the latest mobile payment method, already available in many stores. Contactless payment can be made with a phone, card or a payment sticker including a contactless payment feature. You can pay contactless for items up to the value of 50 euros without having to enter your PIN on the store's POSt terminal.
B. On your smartphone, you can link a virtual credit card or mobile wallet where you can deposit cash or which can include a credit feature.
C. Mobile payment can also mean money transfer from a person to another. This is also referred to as peer-to-peer, P2P or person-to-person payment. Generally both the sender and the receiver must be users of the peer-to-peer service in question. A peer-to-peer payment transfer uses either the receiver's a phone number or an email address.
D. Mobile payment of bills is also becoming more and more popular, and many banks offer downloadable apps for smartphones which enable daily banking.
Is mobile payment secure?
With mobile payment, you should only use apps provided by a known source and keep them updated. Always choose passwords which cannot be easily guessed. Shop on reliable online stores and log out of apps when you are not using them. If your phone or tablet is lost, make sure you deactivate your subscription and all passwords and PIN codes immediately.