Mobile payment, also referred to as mobile money, mobile money transfer, and mobile wallet generally refer to payment services operated under financial regulation and performed from or via a mobile device.
Financial institutions and credit card companies as well as Internet companies such as Google and a number of mobile communication companies, such as mobile network operators and major telecommunications infrastructure such as w-HA from Orange and handset multinationals such as Ericsson have implemented mobile payment solutions.
Mobile payment is an alternative payment method. Instead of paying with cash, check, or credit cards, a consumer can use a mobile phone to pay for a wide range of services and digital or hard goods such as:
- Music, videos, ringtones, online game subscription or items, wallpapers and other digital goods.
- Transportation fare (bus, subway or train), parking meters and other services
- Books, magazines, tickets and other hard goods.
There are four primary models for mobile payments:
- Premium SMS based transactional payments
- Direct Mobile Billing
- Mobile web payments (WAP)
- Contactless NFC (Near Field Communication)
Additionally there is a new emerging model from Haiti: direct carrier/bank co-operation.
Mobile payment is being adopted all over the world in different ways. Combined market for all types of mobile payments is expected to reach more than $600B globally by 2013, which would be double the figure as of February, 2011, while mobile payment market for goods and services, excluding contactless NFC transactions and money transfers, is expected to exceed $300B globally by 2013.
In developing countries mobile payment solutions have been deployed as a means of extending financial services to the community known as the unbanked or underbanked, which is estimated to be as much as 50% of the world's adult population, according to Financial Access' 2009 Report "Half the World is Unbanked". These payment networks are often used for micropayments. The use of mobile payments for Financial Inclusion has attracted the interest and funding of international aid foundations like the Bill and Melinda Gates Foundation, USAID and MercyCorps.
Read more about Mobile Payment: Premium SMS/USSD Based Transactional Payments, Direct Mobile Billing, Mobile Web Payments (WAP), QR Code For Mobile Payment, Contactless Near Field Communication, Cloud Based Mobile Payment, Audio Signal Mobile Payments, Direct Carrier/bank Co-operation, Juggling Payment Methods, Operators and Countries, Consumer Versus Merchant Initiated, Mobile Payment Service Provider Model
... He asks for payment in advance, which is normal for large loans ... Scammers often request that payments be made using a wire transfer service like Western Union and Moneygram ... by the scammer usually relates to the speed at which the payment can be received and processed, allowing quick release of the supposed payoff ...
... The four potential mobile payment models Operator-Centric Model The mobile operator acts independently to deploy mobile payment service ... The operator could provide an independent mobile wallet from the user mobile account(airtime) ... Model is severely challenged by the lack of connection to existing payment networks ...
... Bango provides technology that enables commerce on the mobile web ... Bango products allow the collection of payment for on-line content and services and provide web analytics for mobile marketing campaigns and sites ... Bango provides the Mobile Payment Platform that powers the BlackBerry App World In June 2011, Bango also announced that it would provide the Mobile Payment Platform for the ...
... development company for imaging technology and real-time payments solutions ... Mobile Payment Clearing PS-mPay is a countrywide mobile payment solution that enables domestic and cross-border remittances for banked and non-banked ... The solution offers a wide range of payment services, including Person-to-Person, Person-to-Business and Person-to-Government money transfers, in addition ...
... with the intention to develop a technologically advanced payment system that would be used with mobile phones ... licence from the Norwegian Department of Finance, which enabled them to launch the first mobile payment system and to issue e-money ... The Luup mobile payment solution was first launched in Norway in July 2002 under the Contopronto name ...
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