Mobile Payment

DEFINITION of 'Mobile Payment'

Money rendered for a product or service through a portable electronic device such as a cell phone, smartphone or PDA. Mobile payment technology can also be used to send money to friends or family members.


Mobile payments first became popular in Asia and Europe before becoming more common in the United States and Canada. They can be sent (most popularly) by text message, by passing a smartphone screen displaying a special barcode under a store's barcode scanner or by using a phone to take a photo of a check and sending it. The cost of the purchase may be added to the consumer's phone bill or paid by credit or debit card.

BREAKING DOWN 'Mobile Payment'

In the late 2000s, public radio programs such as This American Life made use of mobile payment technology to collect donations from listeners. By texting a particular code given by the radio program to an assigned number, the listener is able to make a donation of a preset amount. That amount is added to the listener's phone bill.



RELATED TERMS
  1. Mobile Banking

    Mobile banking is the act of doing financial transactions on ...
  2. Mobile Marketing

    Mobile marketing is marketing that takes place via mobile devices ...
  3. Mobile Advertising

    Mobile advertising is a method of advertising that appears on ...
  4. Mobile Health

    Mobile health is the practice of medicine using new mobile technologies.
  5. Enterprise Mobility Management ...

    Enterprise Mobility Management (EMM) is the distribution, organization ...
  6. Alternative Methods Of Payment ...

    Payments that are not made with cash. Alternative methods of ...
Related Articles
  1. Personal Finance

    How Cell Phones Have Changed Your Budget

    The cost of owning a cell phone wasn't a factor for people less than two decades ago. Today, there seems to be no end to the additional charges that come from owning a smartphone.
  2. Insights

    Best Mobile Payment Apps for Tap and Pay

    There are four big players now – not counting the Starbucks app, which may be the one you've actually tried.
  3. Personal Finance

    How To Save On Your Cell Phone Bill

    Mobile phones are now a way of life, but you shouldn't be paying more than $100 a month for your phone. Here are a host of ways to save.
  4. Entrepreneurship & Small Business

    Who Invented Apps For Smart Phones?

    Mobile devices have radically changed how we communicate, conduct business, consume entertainment, and manage our lives, all thanks to apps.
  5. Managing Wealth

    The Future Of Mobile Banking (JPM, BAC)

    Typically slow to react to technological change, retail banks are finally recognizing the benefits it provides to consumers as well as the cost savings it gives the firm.
  6. Professionals

    Top Emerging Fields in Mobile Technology

    What's next on the horizon for mobile apps?
  7. Professionals

    Mobile Ad Competitors: Facebook Vs. Google

    Facebook and Google are locked in a heated battle in the mobile advertising sweepstakes. Who will win?
  8. Personal Finance

    Best Ways To Use Your Cell Phone Overseas

    8 tips to keep your phone costs under control while you travel abroad.
  9. Insights

    China Mobile Stock To Trade Ex-Dividend Tuesday (CHL)

    China Mobile will send its dividend payment on July 5 to shareholders of record as of June 5.
  10. Markets

    China Mobile: Just How Big is It? (CHL, CHU, CHA)

    The story behind China Mobile, the biggest company you might never have heard of.
RELATED FAQS
  1. What portion of the telecommunications sector will benefit most from continued growth ...

    Learn what portion of the telecommunications sector will benefit most from continued growth in the use of cellphones, particularly ... Read Answer >>
  2. Can you pay off a Walmart credit card in store? (WMT)

    Understand the various methods that consumers can pay off a Walmart credit card. Learn which options are the easiest and ... Read Answer >>
  3. How does Facebook (FB) make money?

    Examine third quarter 2014 revenue data for Facebook and increases in advertising, mobile advertising, daily active users ... Read Answer >>
  4. What are some training & development techniques used to improve interpersonal skills?

    Improve your deep listening techniques to improve your interpersonal skills if you find that you are having trouble communicating ... Read Answer >>
  5. How do I check the balance on my prepaid credit card?

    Check your prepaid credit card balance quickly using your phone or the Internet. Keeping track of your balance is easy and ... Read Answer >>
  6. What is the growth rate of the electronics sector?

    Read some projections about the growth rate of the electronics sector. Find out which products are primed to be responsible ... Read Answer >>
Hot Definitions
  1. Dove

    An economic policy advisor who promotes monetary policies that involve the maintenance of low interest rates, believing that ...
  2. Cyclical Stock

    An equity security whose price is affected by ups and downs in the overall economy. Cyclical stocks typically relate to companies ...
  3. Front Running

    The unethical practice of a broker trading an equity based on information from the analyst department before his or her clients ...
  4. After-Hours Trading - AHT

    Trading after regular trading hours on the major exchanges. The increasing popularity of electronic communication networks ...
  5. Omnibus Account

    An account between two futures merchants (brokers). It involves the transaction of individual accounts which are combined ...
  6. Weighted Average Life - WAL

    The average number of years for which each dollar of unpaid principal on a loan or mortgage remains outstanding. Once calculated, ...
Trading Center