mobile payments service

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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 ?
banks, in providing the most secure and reliable email and mobile payments service currently available.
Tata Teleservices Introduces SMS-based Mobile Payments Service II-27
Paythru and Pensio Launch Mobile Payments Service II-23
Rabobank declared that it is planning to commercially introduce an NFC mobile payments service in the Netherlands in 2014.
The service, offered via MasterCard MoneySend, will give new and existing MasterCard issuing customers the ability to provide an innovative mobile payments service to their MasterCard cardholders on all credit, debit and prepaid MasterCard-branded products.
Zong is the only mobile payments service that combines carrier billing with credit, debit and prepaid cards, allowing Zong to be the first company to allow multiple payment options via the mobile phone.
Barclays Plc claimed that it was the first bank in the world to launch a fee free mobile payments service internationally.
Obopay on Leading Edge of Wireless Technology with Real-Time Person-to-Person Mobile Payments Service
We are seeing strong adoption of our mobile payments service at the point of sale in Western U.
Royal Bank of Canada (RBC), a Canadian financial services provider has introduced its RBC Secure Cloud mobile payments service, which will allow users to pay for purchases using their mobile devices.
Obopay has been experiencing rapid adoption of our person-to-person mobile payments service," said Carol Realini, CEO of Obopay.
com company (NASDAQ:AMZN), today announced the availability of the Amazon Mobile Payments Service (Amazon MPS), providing developers, merchants and distributors of mobile applications an easy way to process payments from mobile devices and extend Amazon's 1-Click checkout experience to their customers.