Final answer:
The ability to make mobile payments through smartphones enables various transactions and is made possible by advancements in technology such as chip cards and smart cards.
Step-by-step explanation:
The ability to make mobile payments allows individuals to use their mobile devices for various transactions, such as purchasing a beverage from a vending machine or making a payment to a municipal parking meter. This convenience is a result of the technological advancements in smartphones, including the internet, cell tower networks, GPS, and voice activation, much of which received intensive government support, as discussed by economist Mariana Mazzucato in 'The Entrepreneurial State.' In addition to traditional forms of currency, we have seen a shift toward more abstract forms of payment such as chip cards and fintech, with even virtual currencies like bitcoin entering the scene, which are generated by computers solving complex mathematical problems.
Furthermore, advancements in technology have enabled the creation of smart cards which allow consumers to store value on the cards and use them for purchases.The ability to make mobile payments allows individuals to use their mobile devices to do things like purchase a beverage from a vending machine or make a payment to a municipal parking meter. Mobile payments can be made using various methods, such as through a mobile payment app, a contactless payment method like Near Field Communication (NFC), or a QR code scan. These convenient payment options have become increasingly popular in recent years, offering a fast and secure way to make transactions on the go.