Payment apps are software installed in a mobile device (mobile phone, smartphone, tablet or smartwatch) that allow users (consumers or firms) who own a payment account or an accepted payment card (such as a debit or credit card) to make at least one of the following transactions:

• Transferring or receiving funds to/from users of the payment app;
• Paying online;
• Paying face-to-face in establishments;
• Generating virtual cards to make payments;
• Generating codes to withdraw cash from ATMs.