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 UAE is the first country in the Middle East where this latest feature of the flagship mobile payments service has been enabled, following successful launches in the US, Russia and Singapore.
LG has yet to officially comment on the reported postponement of its mobile payments service, but Phone Arena is hopeful that the company will manage to release a competitor to Apple Pay and Samsung Pay next year.
Mobile payments service Paym said that by December 2015, 3.2 million people had registered for it with one of the 17 participating banks and building societies.
Technology and services company Monitise plc (LSE:MONI) announced on Wednesday that Movida, its joint venture in India with Visa (NYSE:V), has signed an agreement with Indian private bank HDFC Bank to introduce a first of its kind mobile payments service.
Mobibucks, a leading provider of mobile marketing and payment solutions, showcased its recent mobile payments service launch at Abu Dhabi Commercial Bank (ADCB) at a recent payments forum at Harvard University.
It is, says Deutsche, the first time a major commercial bank has offered a cross-border mobile payments service to its banking and corporate customers.
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.
The mobile payments service was launched on April 29 last year and by the end of December, a total of 1,851,612 mobile numbers were registered on the Paym database.
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. It is to be offered at the bank's website at www.53.com from the middle of 2011.
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.