Term: Mobile Payment

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A mobile payment is a payment made from the consumers “electronic wallet” or “digital wallet”. In other words, it is made from an app on his smart phone.
These payments are sometimes called “Touchless payments”.

There are two competing technologies for making mobile payments. The first and possibly better known technology is NFC (Near Field Communication) which is used by ApplePay and Android Pay phones and tablets. Once the app is activated, the telephone is simply placed near a compatible terminal and the payment is made.

The second technology is called iBeacon and is a Bluetooth based technology. The iBeacon camp does not have as many big name players but it does have some advantages. The Bluetooth technology has a larger range of communication and is capable of two-way communication so the merchant can transmit ads to customers in the store. Both Apple and Android based apps for iBeacon are available.

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