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 mobile payments service is currently compatible with Samsung devices but the firm has said it would consider expanding the service into other manufacturers' products.
Mobile payments service Paym said that by December 2015, 3.
Summary: Facebook plans to test a mobile payments service that lets users make purchases inside mobile applications using payment information they have added to their account on the social network.
The bank is to launch Popmoney, CashEdge, Inc's person-to-person email and mobile payments service.
India-based Ezetap Mobile Solutions, a mobile payments service provider, has announced that it is offering universal mobile wallet acceptance.
A new mobile payments service is being formulated by Vodafone with Visa that would enable contactless payments through SIM cards embedded with NFC technology.
The company said that its PlatiMo mobile payments service is supported by banks such as Komercijalna Banka, Raiffeisen (PINK:RAIFF), Erste Bank (EBS.
Dutch bank Rabobank will introduce a mobile payments service - called the Rabo Wallet - for its account holders in the second half of this year.
The company said the trial will enable AT&T's customers to pay for virtual goods and online content from participating merchants using the BOKU mobile payments service.
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.
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.
We are seeing strong adoption of our mobile payments service at the point of sale in Western U.