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Mobile Payments
A way of making transactions using a mobile device, such as a smartphone or tablet, often made using a mobile payment or banking app.
More Details
Mobile payments are electronic payments that are made using a smartphone or other mobile device. Mobile payments can be made using a variety of methods, such as near field communication (NFC), QR codes, or through a mobile wallet app. Mobile payments offer a convenient and secure way to make payments and can be used for a wide range of transactions, including in-store purchases, online transactions, and peer-to-peer payments.
Example
Imagine that you are at a store and want to pay for your purchase using your smartphone. You might use a mobile payment method, such as NFC or a mobile wallet app, to make the payment. Mobile payments can be convenient and secure, allowing you to make payments without having to carry cash or credit cards.
Related Terms
Share Account
A savings account that represents ownership of a specific amount of money deposited with the credit union and establishes membership in the credit union.
Payroll Deduction
The deductions made by an employer from an employee's paycheck prior to direct deposit, usually to pay for elected benefits.
Mobile Banking App
Mobile banking is the use of a mobile app to access and manage banking services such as account transactions, bill payments, and account transfers.