An electronic device is provided. The electronic device includes a communication module communicable with an external device, a display, a memory, and at least one processor operatively connected to the communication module, wherein the at least one processor is configured to display at least one image and/or text related to payment information on the display in response to at least a part of a user input, determine whether to start a payment process in response to identification of a user authentication, transmit a first signal for requesting an authentication to the external device in response to identification of an approach of the external device within a predetermined distance from the electronic device, and transmit a second signal related to the payment process in response to identification of an authentication of the external device, and determine whether to complete the payment process using the electronic device.