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. A mobile payment is money paid for a product or service through a portable electronic device such as a tablet or cell phone. Mobile payment technology can also be used to send money to friends or family members. Mobile payments are also made on site at stores by scanning a barcode on an app on your phone.
It will result in revenue share of mobile money reaching up to 9% by 2018.
How do mobile payment systems work?
To understand why, here’s how it works. After launching the payment application on your phone, the phone is tapped on the credit card terminal and a connection is made using NFC. … The transaction is then validated with a separate chip called the secure element (SE), which relays that authorization back to the NFC modem.
What is a mobile wallet and how does it work?
A mobile wallet is a way to carry your credit card or debit card information in a digital form on your mobile device. Instead of using your physical plastic card to make purchases, you can pay with your smartphone, tablet, or smartwatch.
What is NFC Mobile Payment?
NFC (near field communication) is the technology that allows two devices—like your phone and a payments terminal—to talk to each other when they’re close together. NFC is the technology that enables contactless payments.
What is a payment app?
While payment systems like cash and credit and debit cards still dominate the payment landscape, the latest trend among retailers is mobile payment. A mobile payment app lets you send money from your phone, either to other people or to a payment terminal to buy something in a store.
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