"Mobile money" redirects here. For the payment platform, see Mobile Money
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Apple Pay is an example of mobile payment which uses NFC technology.
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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,[1] it is only in the 21st century that the technology to support such systems has become widely available.
Mobile payments began adoption in Japan in the 2000s and later all over the world in different ways.[2][3] The first patent exclusively defined "Mobile Payment System" was filed in 2000.[4]
In a developing country, mobile payment solutions can be deployed as a means of extending financial services to the community known as the "unbanked" or "underbanked", which is estimated to be as much as 50 percent of the world's adult population, according to the Financial Access 2009 Report "Half the World is Unbanked".[5] Such payment networks are often used for micropayments.[6] The use of mobile payments in developing countries has attracted public and private funding by organizations such as the Bill & Melinda Gates Foundation, the United States Agency for International Development, and Mercy Corps.[citation needed]
Mobile payments are becoming a key instrument for payment service providers (PSPs) and other market participants, in order to achieve new growth opportunities, according to the European Payments Council (EPC).[7] The EPC states that "new technology solutions provide a direct improvement to the operations efficiency, ultimately resulting in cost savings and in an increase in business volume".
^"Pre-1900 Utopian Visions of the 'Cashless Society'". MPRA. 20 August 2012. Archived from the original on 8 June 2019. Retrieved 22 September 2012.
^"GSMA Mobile Money Deployment Tracker". Wireless Intelligence. Archived from the original on 23 November 2011. Retrieved 23 June 2012.
^"Japanese Drive Mobile Payment Market". Ericsson. 12 November 2010. Archived from the original on 15 March 2006. Retrieved 19 September 2011.
^"Mobile payment system". 11 December 2000. Archived from the original on 23 March 2019. Retrieved 8 June 2018.
^"Half the World is Unbanked" (PDF). Financial Access Organization. 2009. Archived from the original (PDF) on 22 December 2014.
^Micro-payment systems and their application to mobile networks, InfoDev report
^"White Paper on Mobile Payments". European Payments Council. 2016. Archived from the original on 5 August 2019. Retrieved 2 February 2017.
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