mobile payments service

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Also found in: Acronyms.

mobile payments service

Paying for merchandise or services in a store via mobile phone. A smartphone wallet app either holds prepaid funds or works like a credit card, and various authentication methods may be employed. As of late 2015, Apple Pay, Android Pay, CurrentC and Samsung Pay are emerging payments services in the U.S. See Apple Pay, Android Pay, CurrentC and Samsung Pay.

The "Next Big Thing"
When the Internet exploded in the 1990s, a variety of Web-based payments systems were developed; however, except for PayPal, most were abandoned. The distinct advantage of smartphones is that people generally have them while shopping, and built-in fingerprint readers add a significant level of security.

The primary technology used in mobile payments is near field communication (NFC), which allows a person to pass the phone over a terminal to quickly pay for merchandise. Many Android phones included NFC, and Apple finally added it with the iPhone 6. Barcodes can also be displayed on the phone and scanned by the merchant's terminal or vice versa. See NFC and barcode.

Like any "next big thing," mobile payments have to overcome the chicken-egg conundrum. The more retailers adopt a system, the more people use it, and the more people use it, the more merchants come on board. To fully embrace mobile payments, physical stores will have to support multiple systems. See mobile check deposit, Web payments service, digital wallet and smartphone wallet.
References in periodicals archive ?
Ericsson's Adam Kerr, head of M-Commerce, said: "Western Union is a leader in global payment services and now our mobile operator customers will be able to include Western Union Mobile Money Transfers in their mobile financial services portfolios.
Mobile money transfer was first developed by Telesom, the biggest telecommunication service provider in the breakaway state of Somaliland with the name Zaad Service two years ago and was then adopted by the partner companies operating in the rest of the country.
Mobile money transfers are the future of the remittance business, and Kenya being a key focus market for us it made sense for us to introduce this service in the country.
For example, one recent loan was to a young lady named Mary who was trying to expand her current mobile money transfer business in Kapiri, Central Zambia.
KABUL, Afghanistan, May 21, 2012 /PRNewswire/ -- Roshan, Afghanistan's leading total communications provider, and Western Union, a leader in global payment services, have today jointly launched the Western Union Mobile Money Transfer service in Afghanistan that enables Roshan's M-Paisa customers to receive money from abroad.
Equity Bank has partnered with Orange in Orange Money, combining mobile money transfer services and mobile banking.
M-Paisa, Afghanistan's first mobile money transfer service, has signed an agreement with Kam Air to provide airline ticket purchase using the mobile phone.
Hegazy distinguished mobile money transfer from mobile banking, another increasingly popular function that allows clients to interact with their bank accounts through a mobile device.
are transferred through this method", says Steve Clarke, director of the upcoming Mobile Money Transfer Global Summit taking place in Dubai from 25-28 October 2009.
The company's Mobile Money Transfer service now allows Western Union customers around the world to send remittances to people in El Salvador who subscribe to Tigo Money, Tigo's mobile money service.
Mobile money transfer service M-Birr was established by five partner microfinance institutions operating in Addis Ababa and four Regional States to extend services for customers.
The number of mobile money transfer agents rose to 74,216, up from 62,300 in the previous quarter.

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