Mobile penetration testing involves breaking down into three components: client-side, traffic/network, and server-side. The network and server-side vulnerabilities are largely similar to web application testing, with APIs being a key difference. Client-side vulnerabilities typically require physical device access and have security controls in place, making them less accessible. Setting up an Android device for mobile testing involves configuring Burp Suite, setting the device's proxy settings, and installing the certificate, which can be done by following specific steps to ensure that traffic is proxied through the computer. The process of setting up the device allows researchers to start hacking on mobile bug bounties and participate in a raffle for cash prizes.