Payment applications - what are they?

Payment applications (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 between users of that payment app;
Paying online;
Paying face-to-face in establishments;
Generating virtual cards to make payments;
Generating codes to withdraw cash from ATMs.

Payment apps can be offered to bank customers by:

A payment service provider with which the customer holds a payment account or card. The payment app may grant access to the current account and allow operations to be made from that account, similarly to home banking, or it may only allow a few specific operations.
A third-party provider. In this case, the payment app is operated by an entity that is not the customer’s payment service provider. The user accesses the payment app and links a current account or a payment card through which the funds are moved (this is the case, for instance, of the payment apps MBWay, Apple Pay, Google Pay, Garmin Pay, Fitbit Pay and Swatch Pay). Even if the payment app is operated by a third-party provider, ultimate responsibility for the correct execution of payment transactions made through the app lies with the customer’s payment service provider (as is the case with payment apps offered by the customer’s payment service provider).

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Payment applications - what are they?