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 ?
The Singtel Group today inked a memorandum of understanding (MOU) with GrabTaxi to promote the use of the Groups mobile wallet services on GrabTaxis app to mobile customers in the region.
However factors such as security, huge capital investment and technology immaturity of mobile wallet are hindering the market growth.
Standard Chartered Bank has partnered with Airtel Ghana Limited to launch Straight2Bank Wallet in Ghana, expanding the coverage of its mobile wallet service in Africa.
com/research/l9v4bs/india_mobile) has announced the addition of the "India Mobile Wallet Market (2016-2022): Market Forecast By Verticals, Applications, Devices Used and Regions" report to their offering.
We see strong nationwide demand for a multipurpose, cross-bank mobile wallet," Akhtar adds.
Global Banking News-October 15, 2015--India's Ezetap to offer mobile wallet acceptance
com)-- According to TechSci Research report, "India Mobile Wallet Market Opportunities & Forecast, 2020", mobile wallet market in India is projected to reach US$ 6.
Mobile wallet providers face a value challenge because they can't offer the same value that merchants can.
BSNL launched a pre- paid cardlinked mobile wallet service on Friday which allows customers to transfer cash, pay for services as well as withdraw cash of up to ` 1 lakh.
The UAE Banks Federation is currently working on the mobile wallet project which is part of the UAE's smart government initiative, which helped to identify a range of government services requiring electronic payments.
Summary: Mobile wallet allows you to spend without swiping your debit/credit card.
NayaTel customers will have the option of making payments through Mobicash OvertheCounter (OTC) services or Mobicash Mobile Wallet, said a statement here on Thursday.