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 ?
It also enables Aldi France to accept mobile wallet technologies such as Apple Pay, Google Pay and Android Pay, subject to market availability.
Early Warning and Javelin have collaborated on a whitepaper with a supporting Javelin-produced webinar to help banks and issuers address the vulnerabilities and fraud that can occur through mobile wallets and the analytics, data and authentication technologies that should be considered to improve the security and user experience of their own mobile wallet offering, the companies said.
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.
CARDFREE, the mobile wallet provider to large merchants, has announced its Universal API is now available, with proven scale, to handle enterprise level deployments, the company said.
Card with its Mastercard number will be sent instantaneously to their mobile wallet.
Summary: New Delhi [India], Dec 7 (ANI): True Balance, one of the top applications in the lifestyle category on Google Play Store added a mobile wallet feature today, marking its entry into the fintech business in India.
The post Bahrain's Batelco, AFS to roll out mobile wallet solution appeared first on Tahawul Tech.
Bank Muscat has launched Oman's first mobile wallet.
The mobile wallet reflects the bank's commitment to improve the financial infrastructure in the country.
Bill Holmes, president and CEO of the Arkansas Bankers Association, said he doesn't have specific numbers of how many Arkansas banks support mobile wallet payments.
Pakistan's first free mobile wallet, SimSim has received regulatory approval from the State Bank of Pakistan.