Mobile Wallet

New technology has spurred innovative ways to spend money. As mobile payment systems continually develop, consumer financial and personal information risk exposure. Industry officials state the technology is growing, but security specialists argue growth of will inevitably attract fraud. Smartphone owners must treat their phones as a miniature computer and equip proper anti-virus and malware software. Enacting preventative methods will help thwart security breaches over mobile networks. (Ladendorf, 2013)

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

Security is an important part of any technology that is developed in the system. The wireless technologies have greater security threats. Similarly, the Near Field Communication technology users also have some security concerns. Information, and authentication security is the two most important concerns of any technology. Let’s list the NFC security threats,

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 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)

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

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

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.

The mobile technology has changed the world around us tremendously and it continues to evolve at a very fast speed. Today, we can buy almost anything from our cell phone device, from clothes to groceries; perform transactions between bank accounts, or even check –in for our flight.

NFC technology is required to use digital wallet credit card payments for purchases at the check-out counter or for online purchase. There is a passive tag in your credit card that is activated when it comes within 10cm of an NFC initiator device. The NFC initiator is the POS (point of sale) or check-out counter card reader in the store. Most smart phones use NFC so your phone can act as your credit card as soon as you set it up and store the information from your card. Once your phone is set up, all you need to do is hold your phone within 10cm of the same card reader at the store and it will pay for the purchase just like your card.

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.

A step further from using internet and near field communication (NFC) for authentication, reliability and convenience using mobile UID’s. One such system platform is PayTM. Using PayTM ’s flexibility in using different modes of payments to highlight benefits of using such a common interfacing technology. Keeping that in mind, business model of PayTM as a reference a common digital wallet interface is a possibility for future use. Within the model the wallet stores the amount in currency units which is used to make payments/purchases online and offline. The amount is credited using the Credit, Debit card, fund transfer or Kiosk payments. Using wallet acts an extra layer for information security, ending need for a payment gateway during the actual transaction as the buffer memory of the mobile device itself stores the information which updates periodically as and when the device connects to the internet, matching transactions with online cloud server. With the wide array of options for connecting to the internet including public, dedicated wifi and data connection it is simple, affordable and much more achievable goal.

In collaboration, Sony and NXP Semiconductors (formerly known as Philips) developed NFC technology which is capable of sharing a variety of data types and as use as an access key to content and services. The NFC technology was derived from the pre-existing contactless communication technology, Radio-frequency Identification (RFID) technology. RFID was first patented during the early 1970s, and is used as a one-way communication system for which information is encoded within a chip and can be read by an RFID reader (ACMA, 2013). Common uses of RFID at present include (but are not limited to) building access control and inventory management. NFC operates similarly to RFID but is low-powered (so minimal battery power is required) and only functions within close distances to transfer data securely from one NFC-equipped device to another.

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).