doesn t keep a record of spending like other digital means do
the contactless payment technology that has emerged in recent years has made payments easier than ever the credit or debit card machine called a point of sale terminal pos can read the customer s banking information through the software application that s installed on the mobile device once the phone reads the information from the pos terminal a signal is generated to inform the customer that the payment has been made for mobile payments to work the payer must have a higher end mobile device with near field communication nfc capability the user then needs to set up their mobile wallet to contain their existing card information the bank that issued your credit card often has to approve the new payment platform and the payee must have capabilities to accept mobile payment allow for very fast transactions a simple tap with your smartphone and authentication is all that is needed promotes financial security through tokenized mobile payment appsfurther promotes security through biometric authentication requirements on mobile devices