mobile payment service

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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 2020, Apple Pay, Google Pay, Samsung Pay and Venmo are some of the major payments services in the U.S. In China, WeChat and Alipay are the major platforms. See Apple Pay, Google Pay, Samsung Pay, Venmo, WeChat and Alipay.

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 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 and QR codes are also used, which are displayed on the phone and scanned by the merchant's terminal. 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 two or more systems. See mobile check deposit, Web payment service, digital wallet and smartphone wallet.

The Three Majors in the U.S.
Apple Pay, Google Pay (G Pay) and Samsung Pay are the major players in the mobile payment field.
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References in periodicals archive ?
Based on the huge influence of its mobile messenger service in Japan, Line, which launched its mobile payment service Line Pay in 2014, has carried out aggressive marketing to be a frontrunner in the market, in which it has to compete with large Japanese companies such as Rakuten and NTT Docomo as well as global tech giants Apple and Google.
Through this business alliance, NTT said each company will promote the introduction of its mobile payment services, LINE Pay, Merpay, and d BaraiTM, to stores and businesses.
At Samsung, we are proud to offer the leading mobile payment service in the country, and by partnering with top UAE banks, we are paving the way for Samsung Pay to become the country's most-used form of payment in the digital age," said Mohammad Gharaibeh, Head of Enterprise, Mobile Business, Samsung Gulf Electronics.
To better meet UnionPay cardholders' demands for mobile payment services, UnionPay International is expanding the acceptance scope of the 'UnionPay' app outside mainland China.
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. The reason why we chose Taiwan as the first market is because it is a very important market, and the contactless infrastructure is so well placed that mobile payment business can be expected to expand greatly.
The model uses the factor-based approach to analyze the characteristics of a mobile payment service and consumer characteristics and the process-based approach to analyze the perception of a mobile payment service.
Summary: Mobile payment service to enable contactless
As mentioned above, there are no specific regulations regarding such mobile payment service providers.
He pointed out that the mobile payment service project was an impressive step in that direction as a component of the national strategic plan to move towards electronic payments rather than cash.