mobile payment service

Also found in: Dictionary, Medical.
Related to mobile payment service: m-payment, mobile wallet

mobile payment 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 2018, Apple Pay, Google Pay and Samsung Pay are the major payments services in the U.S. See Apple Pay, Google Pay 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 had 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, retail outlets have to support multiple systems. See mobile check deposit, Web payment service, digital wallet and smartphone wallet.

The Three Majors
Apple Pay, Google Pay (G Pay) and Samsung Pay are the major players in the mobile payment field.
References in periodicals archive ?
Huawei hopes to work with partners such as UnionPay International to provide more secure and convenient mobile payment services for every user of Huawei smart devices around the world.
Daisuke Sakurai, Executive Vice President, Business Development & Coordination Headquarters I, said: "This is the first time in the world that JCB's J/Speedy, a contactless payment solution, has been rolled out as an HCE mobile payment service.
Consumers will want to use mobile payment service only if they allow for acceptance of payments by a sufficient number of distribution network companies; while distribution network companies will agree to connect to this service only on condition that they are used by a sufficient number of consumers.
According to TechCrunch, this expands the reach of Android Pay to mobile banking users who may notice the option in their banking app, and then become interested in trying out the mobile payment service for the first time.
Samsung Pay is a secure, fast and convenient mobile payment service that can be used to make contactless purchases with select Samsung devices almost everywhere a card is accepted.
As mentioned above, there are no specific regulations regarding such mobile payment service providers.
Monita Leung, Head of HKT Payment, said, As a pioneer in the local mobile payment industry, HKT Payment spares no effort to promote the development of mobile payment services.
Ragheb Budeiri, Director of the Development Projects Office, expounded on the objectives of project of the mobile payment service in Palestine.
While Apple Pay and other mobile payment services such as Android Pay and Samsung Pay were initially touted as a payment option that could replace credit cards, their uptake has been relatively slow.
Data security is a key concern among mobile payment service providers.
Transfast launched the mobile payment service to Pakistan, on Thursday in a tie-up with nine banks and money pickup shops.
A MOBILE payment service with the potential to link up every current account in the country with a phone number will be made available to 30 million people later this month when it goes live.