There are four types of mobile payment services available for people to use and they are as follows:
Mobile wallets or contactless mobile payments: This type of service allows you to use your phone as a credit or debit card. All that one has to do is load money into his/her mobile wallet, and then hold the device over a payment terminal in order for their transaction to go through successfully. NFC or Near Field Communication is one of the popular contactless payment technologies that are almost like Bluetooth.
Wireless or mobile credit card readers: This type of service allows someone to make a payment from their mobile device or phone through a credit card reader that they plug into their smartphone. A credit card terminal consists of a display screen, keypad, and chip reader or magnetic stripe.
In-app mobile payments: This type of service allows someone to make a payment from their mobile device or phone by using apps provided by companies. The company usually provides an "in-app purchase" button for this purpose.
Mobile browser-based payments: This type of service allows someone to make a payment from their mobile device or phone by using an existing website that has been integrated with mobile payments.