Mobile Payment

Mobile payments come in several forms. In shops, customers can use mobile wallets, such as Apple Pay or Google Pay, to tap their phone on a payment terminal. Online and in apps, customers can pay with stored card details or digital wallets. And people can send money directly to friends, family or businesses through banking apps or payment apps.

In some countries, mobile payments have become dominant. In China, apps such as Alipay and WeChat Pay are used for most everyday purchases, often by scanning QR codes. In India, the Unified Payments Interface allows instant payments between bank accounts through mobile apps. In Kenya, M-Pesa allowed millions of people without bank accounts to send and receive money using basic mobile phones.

For example, a market trader can display a QR code that customers scan with their phones to pay instantly, without needing a card terminal.

Mobile payments offer convenience and speed, and can expand access to financial services. Concerns include security if a phone is lost or stolen, fraud and scams, and dependence on phone batteries and internet connectivity.