Mobile payment applications facilitate the electronic transfer of funds between individuals and businesses. These platforms offer a convenient alternative to traditional methods such as cash, checks, or wire transfers. Users link their bank accounts or debit/credit cards to the application, enabling them to send and receive money via smartphone or other mobile devices. A common use case involves splitting bills among friends or paying for goods and services from small businesses.
The rise of these digital payment solutions has significantly impacted financial transactions, offering increased speed, accessibility, and security. This technological advancement streamlines commerce, particularly for those who prefer not to carry cash or rely on traditional banking infrastructure. Their history is rooted in the increasing demand for peer-to-peer (P2P) money transfer as smartphone adoption grew.
