The present invention relates to a mobile terminal which is capable of executing some functions in a power-off state, and a control method thereof. The mobile terminal includes a user input unit for sensing a predetermined user input in a power-off state; a controller for entering into an emergency settlement mode, in which only some functions are executed using the remaining power, on a basis of user information inputted by the user input being authenticated; and a wireless communication unit for receiving a settlement request signal from an external terminal and transmitting settlement information corresponding to the settlement request signal to the external terminal in the emergency settlement mode.