The present disclosure relates to a mobile terminal having a lateral display unit and a control method thereof. A mobile terminal according to the present disclosure may include a body having a front surface, a lateral surface and a rear surface; a display unit having a first region disposed on the front surface and a second region extended from the first region and disposed on the lateral surface; and a controller configured to display payment related information in the second region based on signals transmitted to and received from an external payment server while the first region is in an inactive state, and execute payment while the first region is in an inactive state based on the signals transmitted to and received from the payment server and the payment related information.