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Mobile payment marketplace
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By the emergence of electronic money, which is taking the place of paper money, we are now switching the physical ways to other forms of preserving value and exchange. (Lerner, 2013) The period of using cash only was in the past, as we are at the new era, there are more forms of money that we can pay. At the same stage, with the increasing popularity of mobile devices globally, several companies have focused on the mobile payment market and developed a variety of techniques to achieve electronic money on the mobile devices which will be beneficial in e-commerce field. Some journalists had stated as Apple, Samsung, Google and PayPal are now applied the new technologies and embedded into our mobile devices, it will be a commonplace in our daily life globally. (Pozin & Heggestuen, 2015 ). It can been seen as a milestone that we are now experiencing the transition and the mobile payment is getting significant at this phase.
Mobile payment tech is still in its early days, we were getting through the failure of many companies, however, we now look forward from hearing feedback from market which reveals that the forecasting 210% growth in the total value of mobile payment transactions in 2016. (Silbert, 2015) With the optimistic forecasting growth in mobile payment transaction in the future, it can be also considered as the gradual increase of owing mobile devices in the world. In a market report from a previous journal (Perez 2015), the amount of the smartphones users in China is increasing annually and it is projected to become the second-largest economy with the two-third mobile connections of the world in the near future and the total figures display that the Chinese mobile market is absolutely vibrant. Also, though another report (...
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...uch more reliable and reasonable solutions and also make mobile payment prospect feasible. Then, government started to focus on developing online system and also payments networks. (KPMG,2007) In Q3 2014, there was a report which demonstrated that the total value of China mobile payment was approximately US$234billion and compared the same period of prior year, the value increase about 415.5%. At the same time, Alipay ranked top, accounting for 80 percent which now had expanded its position to the global mobile-payment market. Now, China is seen as a giant in the mobile payment market which is one of the largest growth market in the world. It is benefited from its stronger online market with importance overlap between banking and bill payments. With a well-supporting environment, several added value services are also widely used mobile payment as one of the channels.
Mobile is the first order priority device for access because people are connecting with others, finding entertainment, and doing business—all with smart phones. The prices of mobile phones are never over $1,000 in today’s world. They are affordable and accessible. As the result of the changes the worldwide and national business environment has undergone, people own 1-2 cell phones on average. However, the mobile markets in US seems to have been saturated.
payment. PayPal is also available to people in 38 countries. This paper starts with introduction to the company and its services. The
In terms of PayPal’s corporate level strategies, they have focussed on innovation where they are trying to bring new system and feature into their existing technology or product. The process is to cope up with the growing number competitions such as Apple Pay, Google Wallet and other financial institutions and providers. According to Keith Bossey PayPal was the only alternative web and mobile based payment processing provider among a field of 35 competitors to earn ‘Star’ status in their brand equity. They are the only brand used by a majority (53%) of micro to small medium sizes business and private enterprise owners around the world (Fallon, 2014). PayPal’s another corporate strategies was to connects with financial institutions around the world and allows customers to collects payments using a wide range of payment method such as Visa Credit, Online banking etc. It happens regardless of where the business and seller is being located. Despite the split from their parent company eBay in 2015. They have embarked their payment system journey through strategic acquisitions and growth in their strategies (Nunez Enterprises, 2015). At the same time their innovation and emphasis leads one of the profitable business and trying to do their best to serve consumer their services. The report show that they continue to expend their operations covering all seven continents and trying to reach as many consumers as possible to enable easy and faster payment system. According to CEO Dan Schulman PayPal will be providing “full service” to their
As we can see now-a-days, there are many replacements to card payments such as MOBILE PAYMENT options like Apple and Samsung Pay. Recently, Apple has launched finger print (TOUCH ID) payment option in its new Mac-book Pro. Almost every application has its own wallet to pay. But still, as we know that technology is any day not secured. It might not be vulnerable today. But, we cannot predict its non-vulnerability because one day or the other, it becomes vulnerable to any type of attack.
Now let us step to the other side of the Merchant counter as a consumer and realize how RFID can benefit the average person. Have you ever felt impatient when standing behind someone in line at the grocery store who insisted on paying by check? Well, get ready to get agitated at the slowpoke of the future—the techno challenged person using a credit card. Contactless cards, already used in Asia for several transit and payment systems, have been introduced to the United States via pilot programs sponsored by American Express and MasterCard. Thes...
about is mobile payment options, referring more to Apple Pay, a new service that allows you to
In the first six months of 2013, e-commerce revenue in China reached almost RMB 5 trillion, a 45 per cent increase year on year. Payments through mobile dev...
In today’s world, a Smartphone has become essential part of daily life. There was a time when transactions happened through barter system. Thereafter was the emergence of notes and coins. And presently, the world is moving towards the “Digital Wallet”. Due to technology, mobile users can use their Smartphone to make money transactions or payments by using applications installed in their phone. Digital wallet system is an essential part of electronic commerce. E-commerce provides the capability of trading on the internet. A digital wallet is a virtual service used as a substitute for physical cash. The present study tries to study the various factors that can affect a consumer’s
The use of credit and debit cards today are taking a tour in the sense that electronic cash is becoming more admissible as the world makes a switch towar...
E-commerce, a system by which people can buy, sell and deal without even seeing the person on the other side, has taken a front seat in improving the economy of countries around the world. Technology today has made it possible for monetary institutions to help locate the customers resources and help solve their problems at any given time through online banking.... ... middle of paper ... ...
From PayPal to Debit cards, from EFT to Credit cards, this modern world has been inundated with new ways of making business transactions. Instead of the conventional use of dollars and nickels, now there are electronic payment systems. These types of systems allow for better trust and acceptance between consumer and businesses. In the traditional way of buying a product, one would see a product in person, and pay for it with cash or credit. In e-commerce, the business uploads images of its products online and it enables its customers to shop it using any type of electronic payment system.
A cashless society will further improve the globalisation that characterise our present time. The computerised systems can be used to decrease the quantity of paper trail therefore substituting paper cash with cashless credits or electronic money transfers. However, in a cashless economy, this will change with certain crimes almost eradicated. It will also be faster to generate electronic payments than cash as Near Field Communications (NFC) chips make their way into more payments cards and mobile handsets as well providing protection not applicable to purchases made using cash. This technology is simple with low power wireless link evolved from radio-frequency identification (RFID) tech that can transfer small amounts of data between two devices identifying us and our bank account to a computer. Another benefit of drawing nearer to a cashless society is that other companies are providing pioneering cash-free solutions to the payment related problems we come across. For example, WisePay, a provider of e-payments services, is deploying technologies that ensure parents no longer have to worry about sending their children to school with cash to pay for meals, excursions and other fees that will eliminate the likelihood of being caught short for cash or children misplacing money. The Government also has valuable explanations why they may deem to turn away from cash. Due the main factor of printing and distributing cash, not to mention ensuring the economy is free from forgeries which are all costly endeavours estimating that the cost to society of using cash is between 0.5 and 1.5% of GDP annually. In addition, there are many technological innovations that propose there is a real enthusiasm for an alternative to cash with the upsurge...
Digital money is undeniably convenient; anyone who has used a credit or debit card understands this. However, the era of digital money is only beginning; rapid technological advances will continue to make paper money a remnant of the past. Several innovations are already lessening the burden in your wallet. For instance, the seemingly innocuous mobile phone is actually playing an increasing role in facilitating monetary transactions, especially in Asia. Already, in Japan, large companies such as Coca-Cola have sanctioned vending machines that are not only compatible with common cell phones but also allow consumers to earn credits for using them (Kupetz). In this regard, the United States is strikingly behind the times when compared to other countries. Another new technology in the vein of mobile phones is no-contact cards. These innovative cards do not require a cashier to conduct a transaction; one simply holds a specia...
Near Field Communication technology have a huge potential, and with more mobile device manufacturers adopting the technology and retailers adopting the technology at their check out terminals; it is essential to avoid and protect against known and possible vulnerabilities. If used correctly NFC can be used securely to properly identify a person, better than physical credit cards and IDs.
Data security is a big concern for consumers and businesses alike. We have talked about data security in class, as it is a major concern and social issue. With more and more people using debit and credit cards to complete transactions, both online and at the store, both consumers and businesses are searching for ways to keep this data secure. One of the largest and most recent data breaches that comes to mind is the Target data breach that happened last November and December. Yang and Jayakumar, in their article in The Washington Posts (2014), stated that up to forty million customers’ card information had been stolen.