Mobile Payment Technology And The Consumer 's Decision Process

The growth of the coffee industry is expected to keep growing even become larger in the near future. Without new innovation the industry would never grow. There have been some tiny and some large changes in the coffee world that in toll add up to a new experience that many cannot refuse to be a part of. One of the goals of many coffee shops is to make the customer comfortable and happy. To do this many Starbucks’ around the world have installed new wireless charging stations in there stores so that when costumers are there they can easily charge their phones without worrying about bringing a charger of their own. This new addition to the stores is just one part of getting ready for the future. Phones and technology in general is a huge part of everyday life and this has to be incorporated into many places people shop. By adding technology to stores it makes the entire buying process more streamline. Starbucks has also integrated the use of phones in to the payment system at every store. Customers use their own phone that has a barcode to pay for their goods. With just the touch of a button the entire buying process can be completed. This makes it easy because you do not need to worry about remembering your wallet all you need is your phone and many people already have it with them. Included in the app is also a rewards system that provides user with rewards bases on how often they go and even recommendations for what a customer may enjoy next time. One of the newest changes

12. _________________ is a technology that allows cardholders to make purchases with a single click from their mobile devices.

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.

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)

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.

According to the most recent Federal Reserve study; most of us haven’t set foot in a banking hall in ages. It is a lost battle to banks that opt to use traditional methods to conduct their banking transactions (Gup 2003). By December of last year, close to half of all smartphone users in the United States had transacted some or all of their banking on their phones and iPhones. In the United Kingdom alone, rates of mobile banking transactions doubled over the course of a single year (Scn Education 2001). A banking business that invests in this type of technology gets assured of increasing their customer base.

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

. 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

M-commerce is on a development track. It is increasing expanding acknowledgment amongst various areas of the general public. This development can be followed back to innovative and demographical advancements that have affected vital parts of the socio-social conduct in today's reality. The requirement for versatility is by all accounts an essential main impetus behind M-Commerce applications, for example, Mobile Banking, Mobile Entertainment and Mobile

Almost everyone has a smartphone, so engineers invented a way to let merchant charge customers through a device that can be attached to any mobile phone. This device, or credit card terminal, is the future of credit card terminal technology, where merchants can charge customers anywhere and anytime [3]. This report will present the market analysis, theory of operation, and the device performance of Square.INC credit card reader [3].

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 last time that technology had a major impact in helping banks service their customers was with the introduction of the Internet banking. Internet Banking helped give the customer's anytime access to their banks. Customer's could check out their account details, get their bank statements, perform transactions like transferring money to other accounts and pay their bills sitting in the comfort of their homes and offices. However the biggest limitation of Internet banking is the requirement of a PC with an Internet connection, not a big obstacle if we look at the US and the European countries, but definitely a big barrier if we consider most of the developing countries of Asia like China and