A mobile terminal includes a main body including a controller and having one side opened, and a card module detachably installed at one side of the main body and having an accommodation region formed to allow a card to be drawn in or drawn out, wherein when it is sensed that a card is drawn in the accommodation region, the controller operates in any one of a payment mode in which payment is performed and an approval mode in which payment is approved, on the basis of presence of a magnetic applet on the card drawn in the accommodation region.