Mobile payment also known as 'm-payment' is the way of performing payment for goods or services through a mobile device (i.e. a cell phone, a tablet, a PDA, etc.). This means that the initiation, authorization and confirmation of payment are done by means of a mobile device. Another functionality m-payment has to offer is that it also allows sending money to relatives or friends.
There are three ways in which mobile payment can be sent:
Hence, the expenses generated for any purchases done via mobile payment are either paid by credit or debit card or charged to the costumer’s telephone bill.