Factors That Influence The Development Of Mobile Payments

The future of payments is current shifting to another path with how technology is changing and is currently modifying how we process our payments and how we store data. It is going away from low-tech and paper based tools, expensive and bulky registers, and physical card swipes. And it is introducing and renovating online commerce and online payment. This is happening due to the decrease of money supply and checks in the current market because people are starting to pay more and more there bills online. As the economy improces and corporations and business gets larger they have started a large-scale implementation of processors in electronic payment technology in their business ands services. Also, credit and debit are growing amongst consumers and it has been the highest that it has even been in history.

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.

This project analysis the Money and E-Wallet current situation and gives a brief of Money and E-wallet, and also studies the present Advantages of Money and E-wallet and their uses.

Although major retailers have had credit card breaches, which devastated consumer trust in credit, Mobile payment systems stay efficient, but risk personal and financial data fraud similar to plastic credit card usage theft. Patrons fear merchants can track your shopping habits, location and financial records using a mobile GPS signal. Nevertheless, worries that someone can steal their information when sent wirelessly therefore consumer confidence remains low. Thorough safety measures will help give customers composure and regain assurance. (Busby, 2014) (Sapienza, 2013)

The change and advancement in technology are a significant factor in the banking business. Technology has led to tremendous improvements in this industry. Since the commencement of this millennium, people have shown great love for their mobile phones (Ozaki 1992). It necessitated the invention of mobile applications (APPs). From the introduction of the mobile banking, APP people rarely go to the banks. All their transactions get done simply by the stroke of a finger. Businesses face a challenge of adapting to changes in the technology sector. Mobile banking either through actual investing or any other means is on the rise.

Mobility has brought a huge difference in the IT industry. Most companies are dependent on doing business via mobile devices. Most individuals with mobile phones, this is their only connection to information and entertainment.(class notes) Every company is now looking to emerge on top by using the latest mobility features that are not only efficient, but also effective. Mobility will allow for easy access of company documentation, easy collaboration and communication between teams both here and also offshore. In this paper today I will write about Mobile payments and how it affects retail competitiveness and operations.

. Mobile payment users >190 MM in2012, which is over3 % of total mobile users worldwide a level considered as "mainstream”

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.

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

Banking cards includes a Debit/Credit/Cash/Travel card which offers enormous flexibility in daily usage. These cards provide consumers more security, convenience and control over their transactions. Payment cards help the people to purchase articles in stores, on the internet and over phone also. These cards are commonly linked with the bank accounts of the customer. And it provides two factors authentication system for securing the transactions. After demonetization, usage of card payments is increasing.

For many years the banking and financial services industry has been developing new methods of cash payments. One of these methods is generally referred to as “cyber payments”. A significant feature of the new cyber payments is that they include a new form of currency. Cyber payments also comprise other payment components, which emulate current payment systems. For example, already in use are cyber-cheques, cyber-credit and cyber debit. Cyber-currency, therefore, includes the attributes of conventional currency, which are: a store of value; a medium of exchange; and ease of use. However, it has one very important added feature – almost instant electronic transfers from point to point[ Available at http://www1.worldbank.org/finance/assets/images/01-chap01-f.qxd.pdf (last visited on 02/03/2016)

According to the GMSA, approximately 255 mobile money services were operating across 89 countries in 2014. Sub-Saharan Africa is the region where mobile money services are most widely adopted, followed by Southeast Asia and Latin America. By enabling users to transfer money to each other and make payments directly to businesses and service providers, M-Pesa cuts down on corruption by reducing the need to operate in a cash-only economy. As a result, M-Pesa empowers individuals and supports entrepreneurial creativity in a less constrained financial marketplace. M-Pesa has proven that mobile payments can work in Africa, and other developing regions of the

The market for mobile payments is growing at an all time high with a projected increase in global mobile payment volumes. In fact, payment transactions are expected to increase 22% by 2017. The market landscape of mobile payments

To supersede cash, E-money should be popularized, but it is a hard work. This is because of the low acceptance of people and the high cost of applying E-money transaction system. For the acceptance of people, people use coins and paper notes as usual practice since many years ago. Although, a growing number of banks are trying to use a “click and bricks” strategy and introduce online services so as to attract more customers (Pennathur, 2001), it helps to promote using of E-money. However, people are not familiar with it and need time to adapt. Especially for the elderly people and people without technological knowledge, they usually resist and don’t how to use E-money. Also, E-money is still not so widely used now. To deal with the daily transactions, many of them cannot be done by using E-money. However, cash using is already adapted by people, and all transaction can be done by using cash. Therefore, Wonglimpiyarat (2007) writes “there seems to be no consumer response to the e-cash as a revolutionary means of payment transmission”. It put E-money in a disadvantageous position. On the other hand, the cost of applying E-money transaction system is very high. Because E-money can only use with the E-money products, specific electronic devices are needed to apply for E-money transaction. Also, “a system [of] … electronic money on cards and hard drives … functions efficiently if

Citibank had designed its own mobile banking software that can be downloaded and installed on more than 100 handsets over any carrier’s network