E Payment For Mobile Nfc And Apple Pay

Payment processing has become more universal. Each transaction, whether it's in-store, eCommerce or mobile, needs to deliver a seamless integrated buying experience at any time of the day and on any device being used.

Now it is made possible for you to pay with your phone. When it is time to swipe your card you now have the option to scan your card information of which you have saved from previous purchases through Internet based methods. You can save multiple cards at a time; all you would have to do is choose the card you would like to use. You can also transfer funds from one person to the other, same format as a bank but

Mobile payments are defined as payment services operated under financial regulation and performed from or via a mobile device, namely a cell phone. The use of mobile payment is a substitute for traditional forms of payments. The idea to use non-coin-based currency systems has been developing for years yet it is only now becoming popular. Nowadays, most phones are produced from three or four companies due to economies of scale. This has meant that having five or six mobile payment apps is feasible and profitable due to network effects. If there were a hundred mobile payment apps, less people would use them because it is likely that no two people will have the same app, and thus it cannot be used for

Near field communication (NFC) is an ability available in most modern-day cell phones that allows the device to connect

cards because of the new technology such as Bluetooth, RFID, infrared or NFC. This means that

Apple Pay connects to credit card terminals using near field communication. In order for near field communication to work, both devices must contain a near field communication enabled chip which allows data to be wirelessly transferred between devices. There are two methods of near field communication. The first is two way communication in which data is exchanged between devices in which near field communication chips are installed. The second is one way communication in which data is only modified on only one of the devices. Apple Pay uses one way communication because it utilizes the sensors on credit card terminals, which modify the data on the near field communication chip located in the iPhone6 or Apple Watch. Near field communication enabled devices, like the name suggests, can only communicate with devices that are very close to them and are no more than a

i n f o r m at i o n , c o m m u n i c at i o n s & e nt e rta i n m e nt

Tap your phone to pay and redeem offers, using NFC (near-field communication). NFC payments are currently only available in the United States.

At their latest big event, Apple Inc. showed off a number of brand new products. While the iPhone 6 and the Apple Watch certainly made headlines, one of the major announcements that may have flown under the radar was for a brand new mobile payment system that would combine the new phone and innovative touch security feature with an NFC chip (“tap to pay”). This new product is called Apple Pay. This payment system will allow the users of the newest Apple devices to not need to have their wallets with them to buy things at local retailers, from coffee shops to fast food restaurants, but instead they will just need a quick touch on the built in thumb scanner to get going. There are many benefits to this type of

In January 2015, Wirecard, a German payments technology provider, launched a wearable wristband which allows users to make a payment using Host Card Emulation (HCE) at any contactless POS terminal. Users are required to simply swipe the wristband near the POS terminal to make payments, and the details of the transaction is displayed on a real-time basis on the screen of the wristband and in the smartphone app.

In this scenario, consumers are recognized by the signals they emit, most likely from their wireless phones or PDAs, and they can purchase goods and services from vending machines and businesses without having to use a checkbook, credit card or cash. But making the wireless wallet a reality will require an evolution of both technology and consumer attitudes that is still far in the distance. Moreover, at the commerce phase, in which consumers should realize that using wireless devices to purchase real goods in the physical world does not necessarily deliver those goods to their wireless device. It will be a challenge to convince consumers to leave their credit cards at home and let their phones do the purchasing. In addition to this, consumers will need easy-to-carry wireless devices that they will always have with them, and terminals will have to be available at stores or in vending machines. Both of these devices must have the necessary infrastructure to enable transactions. Last, and most difficult, there must be a worldwide standards initiatives. However, the most important aspect is to explain to the consumers, what is their bennefit to use the services of m-commerce, instead of the brick-and-mortal

Abstract: Apple Pay is a method of payment using mobile and virtual wallet provided by Apple Inc and was launched in 2014. It enables the users to make payments using smartphones like iPhone 6, 6 Plus, 6S and 6S Plus, and Apple Watch-compatible devices. It digitizes and replaces the need of credit or debit card and their usual chip and PIN or magnetic stripe method for transactions. Although similar technologies have been around for a while, it’s lacking the broad infrastructure support to make the mainstream mode of payment.

Mobile Payments will similarly experience this trend. The MIT Technology Review recently created a report, entitled “The Future of Money,” which looks at the overall industry and factors leading to greater digitization of payments. Mobile phones have been a catalyst for much of the change, but it is important to remember that it is still very much a cash-based world, as estimates show that 85% of consumer transactions worldwide are still done with paper bills and metal coins. With 2.5 billion people unbanked, it is clear banks have not been able to appeal to or service this segment in a cost-effective manner using today’s cash-based and card-based payment services. New digital and mobile technologies provide a potential solution which can lead to much greater financial inclusion.

Badra, M., & Badra, R. B. in [41] studied the issues that are related to the NFC technology. The researchers suggested and provided an appropriate

Whenever you receive money, your iPhone automatically stores it as a digital Apple Pay Cash card, which can be accessed on any of your other iOS devices. This card allows you to send money to friends, family, relatives and you can spend money to a person or online, or you can also transfer that money to your bank. This keeps your real card out of the equation; it is safe and secure whether you shop online or from a nearby store.