Mobile Payment Services

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 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

Payment from its customers must be easy, accommodating, but secure for both parties. Payment by utilizing a major credit card company such as VISA or MasterCard may be acceptable if all current Personal Identifiable Information (PII) and EMV (EuroCard, MasterCard, VISA) chip security are adhered to. But, as a negotiable instrument, a payment by note such as check may be the preferred method. If the negotiable instrument meets the criteria of: payable to the bearer, payable on demand or at a definite time, and does not state any other undertaking by person promising or ordering

with a receipt in hand and instead easily and without any contact, can do local mobile payments.

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

More and more people before deciding to purchase goods used to check offers via smartphones or tablets. The world 's total number of sales of such devices exceeded the number of desktops.[1] Technological development and high availability of new solutions contributed to the increase in customer expectations to its relations with the bank. The ability to use the money anywhere, anytime in an easy and convenient way for customers has become natural. Mobile payments is big innovation which has some a lot of good coins but it has some threats and limitations about which I will consider and analyze in my literature review.

Payment systems are used by customers and businesses to transfers funds from one account to another account.

The Purpose of this report is to show the use of current technologies for payment support procedures in small and medium businesses. Article covers various solutions to process payments and ultimately determine the best of them. SME’s are designed to the deal with B2B and/or B2C customers depending on the business needs. As per latest discovered trends in the North America the ‘payment’ is preferred if digitalized, such a trend is a result of efforts Fintech and Paytech companies like bitpay, Kabbage, kantox , etc.x. For intents and purposes payments flow can be categorized as consumer and business. Cash and card for former, cheque and EFT for latter. The need for demonetization emerges so as to match with the with rest of the world in the

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

The online payment marketplace is experiencing an explosion of innovative ideas, plans, and announcements, which one commentator has likened to a “goat rodeo”, a chaotic situation in which powerful players with different agendas compete with one another for public acceptance, and above all, huge potential revenues. Others liken the payment marketplace to a battle among the four platform titans Apple, Google, Facebook, and Amazon. Each of these titans have their own versions of a future payment system that challenges the other players. And let’s not forget PayPal, the reigning power in alternative online payment, or the credit card companies who process over 70% of online payments, or the

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

Online payment processing services perform transactions at a much greater speed than manual processing. As well as ensuring error-free computations and faster processing time. Which means

As technology grows, so do the consumers. Consumers rely so much on easy shopping and simplified checking out possibilities that application developers have started to develop more mobile payment applications. These mobile payments are the technology of the future and yet the United States is still lagging behind in the rush to simplify shopping from a plastic card to a mobile app. However, with such developers from Apple and Google, there are applications where the mobile phone can stand as a wallet, but retailors do not necessarily choose a universal application to use. With Apple Pay and Google Wallet actively used, many retailors have opted to convert their merchandise to be payable with such applications .

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).