ELI5: Explain Like I'm 5

Mobile payment

Mobile payment means using your smartphone to pay for things instead of using cash or a physical credit card. It's like having a digital wallet on your phone, which can store your payment information and let you pay for things with just a few taps on your phone screen.

When you want to pay with mobile payment, you open up an app on your phone, like Apple Pay or Google Wallet, and add your payment information, like your credit card or bank account number. Then, when you're ready to buy something, you just hold your phone near the payment terminal or scan a QR code, and the payment is processed automatically.

One of the benefits of mobile payment is that it's more secure than carrying cash or using a physical credit card, because your payment information is encrypted and protected by a passcode or biometric authentication, like your fingerprint or face scan.

Another benefit is that mobile payment is convenient and fast. You don't need to carry cash or a physical card with you, and you can make payments without stopping to pull out your wallet or enter a PIN.

Overall, mobile payment is revolutionizing the way we pay for things, making it easier and safer than ever before.