1. Introduction
Mobile payment is payment services operated under financial regulation and performed via a mobile device. Numerous definitions have been introduced by scholars of Mobile Payments field one of the popular “Mobile Payments are payments for goods, services, and bills, invoices with a mobile device (such as a mobile phone, smart-phone, or Personal Digital Assistant) by taking advantage of wireless and other communication technologies (such as mobile telecommunications networks, or proximity technologies)” (Dahlberg et al., 2008)
Turowski, and Pousttchi (2004) defined the Mobile Payment as a procedure of electronic payment transaction procedure in which at least the payer pays mobile communication techniques in conjunction with mobile devices for the beginning, authorization or realization of payment.
Beside digital service payments for physical goods are also possible, both at selling and ticketing machines, and at operated Point-of-Sale terminals. Typical usage needs the user electing to make a mobile payment, being connected to a server via the mobile device to perform authentication and authorization, and subsequently being presented with confirmation of the completed transaction ( Turowski, & Pousttchi,2004)
A mobile payment service involves of all technologies that are offered to the user as well as all tasks that the payment service provider(s) perform to commit payment transactions. As Figure 1 shows a mobile payment service parties. (Dahlberg et al., 2008)
Fig (1) Adopt from (Dahlberg et al., 2008)
In their 2002 study Au and Kauffman (2008); Lai and Chuah(2010); Innopay (2012) divided the stakeholders into two main segments; one which includes the providers of the mobile payment solutions and the other...
... middle of paper ...
...ies of mobile payments: Understanding stakeholder issues for an emerging financial technology application”, Science Direct, Electronic Commerce Research and Applications 7, pp. 141-164
22.Lai, P.M. & Chuah, K.B. (2010), “Developing an Analytical Framework for Mobile Payments Adoption Retailing: A Supply-Side Perspective”, 2010 International Conference on Management of e-Commerce and e-Government, IEEE Computer Society, pp. 356-361.
23.Innopay (2012), “Mobile Payments 2012 – My mobile, my wallet?” Innopay, version 1.0, September 2011.
Articles
24.Kokkola, T., ed. 2010. The payment system. European Central Bank: Frankfurt am Main. http://www.ecb.europa.eu
25. MOBILE PAYMENTS GUIDE 2012,Insights in the worldwide mobile financial services market,authers Ionela Barbuta, Sabina Dobrean, Monica Gaza, Mihaela Mihaila, Adriana
Screpnichttp://sv.wikipedia.org/wiki/Wywallet
Among the most recently added features is the option to pay for goods and services using your mobile device. The feature was first available in 2011 with Google Wallet; however, it failed to gain traction in the market. Its many points of failure included the mobile service carriers who sell the devices. One major problem was that it was yet another piece of the very complex string of players involved in payment processing. All of those players had at least some cause to block the service.
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.
The digital world is accelerating. New financial technologies (Fintech) will shape the future of domestic and international banking. According to the National Bureau of Economic Research, Fintech firms accounted for about one-third of shadow bank loan origination in 2015 (The National Bureau of Economic Research, 2017). Payment and settlements processes with abilities for a digital wallet, such as comparison & switching account, peer to peer credit, and algorithmic digital currencies are rapidly evolving. Blockchain usage is growing and testing will lead to routine use and drive efficiencies within the financial world.
M-banking, rather than driving m-commerce, will in fact be driven by the increasing availability of mobile-focused, user-friendly content. And because the rise of m-business will be based on the inclusion of a strong payments engine, which can provide better payment transaction processing services. Regardless of the bright future of mobile banking, its prosperity and popularity will be brought to a higher level only if information can be securely and safely exchanged among end systems (mobile users and banking service providers). Online banking through mobile service providers is more secure than online banking through internet because of the usage of private network of the service provider (PNSP) and the users’ personal mobile device. The existing electronic authorizations for mobile payment security are based on account - holder authentication by the payment system. The use of secure and convenient mobile personal devices through PNSP could revolutionize the payment, banking and investment industries
Using technology makes everything easier. Recently, most companies depend on technology to provide many services for consumers. Banks are one of the sectors that relied on technology dramatically in order to provide better services to their customers. Chase Bank and Bank of America are two of the biggest banks in the US. Although each bank has made its own commercial regarding to using the application vie smartphones, there is a great similarity between them in terms of people, the style and the main idea.
A physical connection needs to be established between mobile and POS machine. However the efficiency of the mobile payment will be destroyed by establishing a wired connection. The same risk of NFC exists in other mobile payment systems that rely on NFC. The demand to increase the security of NFC would be another issue to discuss.
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...
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.
Introduction PayPal, Inc (PayPal) provides online payment solutions to individuals and businesses worldwide. It allows credit cards and bank accounts money transfers and payments to be made through the internet (Niranjanamurthy, 2014). Established in 1998, PayPal has since moved $282 billion in payment volume in more than 26 currencies across 203 nations in 2015 alone, generating a total revenue of $9.24 billion (PayPal About - Home, n.d.). PayPal’s Value - “At PayPal, we put people at the center of everything we do.” PayPal focuses a lot on its consumers by making their services convenient and flexible for them when dealing with payments.
users to send money, using computers. The same can be done by means of mobile phones that are support Web.
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...
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...
We review Dwolla and try to figure out why such an innovative fee-free payment system is so undiscovered and unrenowned.
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...
M-commerce (mobile commerce) is the buying and selling or transaction of goods and services through wireless devices such as cellular phones and personal digital assistants (PDAs).