How is a license applied to Symantec Mobile Security 7.2 (SMS 7.2)?  There does not seem to be any page in the Symantec Management Console (SMC) web interface where licenses are installed.  

Also, does a license need to be manually installed on each Android or Windows Mobile device that is protected?

When you install Symantec Mobile Security on the Symantec Management Platform (SMP) server, you are prompted to install a license.  If you have not purchased a license, you skip this step and the trial license is invoked automatically. The trial license is for 25 nodes and expires 30 days after the initial installation of Symantec Mobile Security.

License status can be viewed in the Symantec Management Console.  On the console, go to Home >Mobile Security>Overview and Reports>License Overview

Use the following procedure to add a license after Symantec Mobile Security is already installed, to upgrade from the Trial license or extend an existing paid license, or to add more nodes to an existing license:

1. Open Symantec Installation Manager (SIM) on the server hosting the Symantec Management Platform.
2. Click Add/Update License, and then provide the required information.
3. When prompted to install the license, click Yes.

There is no need for a license to be manually installed on each Android or Windows Mobile device.  The license only needs to be applied on the SMP. 

Full details on Licensing can be found in the Symantec™ Mobile Security 7.2 MR1 Implementation Guide.