An electronic device capable of communicating with a card reading apparatus and a payment method are provided. The electronic device includes a first cover configuring a front side of the electronic device, a second cover configuring a back side of the electronic device, a memory contained in a hollow area formed between the first and second covers, a display, at least part of which is contained in the hollow area and which is disclosed through the first cover, a processor that is contained in the hollow area and is electrically connected to the memory, and at least one loop antenna which is contained in the hollow area and electrically connected to the processor.