A Study of How to Promote the Use of Mobile Payment

As technology advances over the years, we have experienced and noticed that the trend in how payment are received have shift tremendously. Twenty years ago, check was the preferred way of payment. In today’s world, more and more payments are done by credit cards. Credit card transactions are instance that provides a faster payment method.

Mobile payment also referred to as mobile money, mobile money transfer or mobile wallet refers to payment services operated under financial regulation and performed from or via a mobile device. (www.wikipedia.org, 2016)

Business correspondents are the key players in Microfinance sector with technology-based transactions they are provided Point of Sale (POS) devices and doing EKYC through the finger print technology. They use Micro-ATM (POS) handheld device to perform basic financial transactions like Deposit, Withdrawal, Funds Transfer, Balance Enquiry, Mini Statement and other remittance. The below table depicts the POS based transactions during last five year across various

Many countries all over the world have already started moving towards a cashless society, and the use of electronic payment methods are becoming more and more popular, however, becoming a completely cashless society will be problematic. Transactions made electronically can all be traced, and there are advantages and disadvantages to certain security aspects. The elimination of tangible money will introduce contradicting cost savings and added costs, as well as convenience but the system is unreliable in emergency situations. There is no doubt that electronic money will continue to exceed the use of cash, however it is unlikely that notes

Mobile phones are no longer a communication device, but can be used for several other purposes including executing business operations. After internet banking, it has added another dimension to banking by enabling any kind of banking transactions like payments, balance inquiry and transfer of funds, just by using your mobile phone. Banking transactions over the mobile phone are usually performed either by sending a SMS to the bank or by using mobile internet. When you send a SMS requesting a financial

The cost is identified as an investment concern. Customers will often opt for an option that is viable which refers to that ventures that which offers a strong performance-to-price advantage. Fenu &Pau (2015) analyze the tendencies and features of mobile banking applications. The journal establishes that banks invest more on mobility through enhancing mobile applications by offering mobile payment services that are new. The feature of the device being used also play a role. In some cases, certain mobile may have limited capability of inputting data or displaying it making implementations of mobile banking applications more

In many developing countries it's common for a person to have a mobile phone but not a bank account. In fact, more than 1 billion people fit this description, and the number is only likely to increase. To that end, many companies are considering how to give residents access to banking services via their handsets. The GSM Association predicts that by 2012, nearly 300 million of the previously "unbanked" will be using some form of mobile banking.

In January 2014, SmoothPay was first launched in Toronto, Ontario offering mobile payments with integrated functions such as customizable loyalty programs and solutions. In addition, this company’s network has reached over 5,000 users and 100 merchants in their well connected partnerships and community in less than two years. Despite this achievement, only a low percentage of consumers are using their smartphones to make their daily purchases across Canada creating difficulty in further promoting SmoothPay’s business. However, SmoothPay has focused in highly populated areas, such as universities. Therefore, this strategic decision has increased some brand awareness. Since this product let consumers to easily connect with their payment accounts, such as Visa, MasterCard, and PayPal, many have benefited from using SmoothPay’s quick and

Many financial institutions across the world have adapted to the change towards the cashless society by implementing electronic funds transfer via automated teller machines (ATM’s) and of late, the internet. By having a simple plastic card, society could completely eliminate the need for cash. The benefits range from the end user through to the government and the

In this modern era of technology, we extensively make use of virtual money. Credit and Debit cards have become an integral part of the world’s economy. Due to this extensive usage of cards, we have become a “cashless society”. We make use of credit cards to make online payments, to buy items at retailers and grocery stores; almost anywhere we go and purchase, we extensively make use of credit cards. This over dependency and usage of credit cards has given rise to new form of crime called the Credit Card fraud.

Though issues like “Never thought about it” can be addressed by awareness and marketing the benefits of mobile payment, the others need to be worked out with better solutions and implementations. Though Apple Pay has sort of revamped the mobile payment sector, it isn’t the first and only mobile payment option out there. Google Wallet and Paypal, the old contenders, are still going strong and are very much in the game. The competition is tough and add to that the fact that at least 37% of the populace still think cash and card transactions are much easier to deal with. To win their vote, it’s going to have to get real easy and a one click checkout mobile payment option is as easy as it can ever get.

Mobile phone payments allow consumers to pay for a wide range of goods and services using phones instead of cash, credit/debit cards and cheques. One of the models for payment is by using Short Message Service (SMS) or Unstructured Supplementary Service Data (USSD). Consumers can send payment requests via text messages that will be charged to their phone bill or online wallet. This mode of payment does not require Internet access, which allows developing nations with poorer population and inferior facilities to participate. An example would be the Nigerian mobile pay service, Paga. Users are simply required to enter their identification number as well as the amount necessary.

I’m start off by telling you about an entrepreneur who made this mobile payment application possible for others to use. Lee Byung-chul, the founder of Samsung Electronics is responsible for South Korea’s largest business corporation. Recently his company has came up with a new cutting edge feature that is created for android phones. The technology is very innovative and creative mobile application that will change how people purchase items in the future.The mobile application is called Samsung Pay.

The last decade has witnessed a lot of growth of mobile communication devices and wireless technologies across the globe. This has led to a change in the way many activities are conducted and opened the way for m-commerce, which is e-commerce's next evolutionary stage. The significant power of m-commerce is primarily as a result of the ability to connect wireless devices anytime, anywhere (The Future of Mobile Payment Systems : Rise of the Mobile Wallet 2012-2017 [Electronic version], 2011).

The creation of money is possibly one of the greatest accomplishments of human civilization. Since the beginning of humanity, individuals have used money as a way to pay for goods and services. Over the years, money has been used in various forms and continuously changes to best fit modern society. Our society no longer has to depend on gold coins, cocoa beans, or anything else of intrinsic value that has been used in the past. In today’s society, we use paper currency, which is fairly convenient and easy to carry around with us. Over the past decade, our economy has experienced tremendous changes due to the introduction of new cutting edge technologies. Millennials are accustomed to a digital world and most likely will experience the transition from paper money to digital money. The advancements in technology over the past several years has allowed consumers the opportunity to buy and sell goods over a computer network known as the Internet. The internet is a much more convenient way of shopping compared to fighting crowds of people at your local mall during the holidays. We must start to prepare ourselves for the digital age of currency, an age in which a small amount of our money will actually be tangible. Many individuals are concerned about the privacy and security issues that may arise from the transition to digital currency. However, the more research you do on digital payments, the more you will realize that it is very safe and efficient when compared to paper money.