Home/Questions/Q 2584
Next
In Process
Max
  • 1
Level 1
Asked: 2020-04-05T21:56:17+00:00 In: ,

What are the types of mobile payment?

  • 1

The excessive use of smartphones has changed our world. It has now been used for making payments. What are the types of mobile payments?

smartphones
Share

    Leave an answer

    You must login to add an answer.

    Need An Account,

    2 Answers

    1. Level 1

      There are various ways of mobile payments. Some of which includes:

      • Using QR code
      • The audio channel of mobile phones such as near sound data transfer (NSDT) technology
      • Payment using a cloud-based approach
      • Payment through NFC which is most commonly used around the world
      • Payment through text messages which is a traditional method
      • A direct payment which is mostly used during checkout from an e-commerce website
      • Payment using the WAP (Wireless Application Protocol) as an underlying technology used by websites. Payment through WAP is further divided into three ways credit card payment, online wallets such as Paypal, and direct operator billing, which requires integration with a mobile network operator.
      • 0
    3. Level 1

      The history of mobile payments goes back to the first digital payment that was made using Coca-Cola vending machine in 1997. But the first patent that explicitly defined the mobile payment system was filed in 2000. Then the use of smartphone gives rise to a mobile payment system and increased its global market size at a high growth rate. The global market of mobile payment system market is expected to reach the US $ 3 trillion by 2025.

      The most common method use for mobile payments is through mobile wallets. It is a secure digital wallet which stores the credit card details and other account information. This wallet makes the customer able to pay through a mobile phone for the things that he/she bought from the respective store.

      The mobile wallet uses different technologies to secure crucial information about the user. Some of the methods include fingerprint, one time passwords (OTP), PIN, and other regular passwords. The technology used for the payments at stores is known as near field communication (NFC), which is the communication protocols set to use for the communication between two electronic devices with a specified distance, which is about 4 cm or less.

      Some of the companies providing mobile wallets include Apple Pay, Android Pay, and Samsung Pay. Currently, mobile wallets are not just used to transfer money, such as dollars, but there are also many of the mobile wallets which use cryptocurrencies as a source transfer it after buying things from the store.

      • 1