Mobile payment - Wikipedia

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Mobile payment method via NFC faces significant challenges for wide and fast adoption, due to lack of supporting infrastructure, complex ecosystem of stakeholders, and standards. The merchant involved is informed of the payment success and can then release the paid for goods. Mobile network operators already have a billing relationship with consumers, the payment will be added to their bill.

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It is difficult for them to remember where something was purchased or how to buy it again. Convenience — No pre-registration and no new mobile software is required.

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Pilots using this model have been launched in emerging countries but they did not cover most of the mobile payment service use cases. Other NFC vendors mostly in Europe use contactless payment over mobile phones to pay for on- and off-street parking in specially demarcated areas.

Consumers do not want to be kept waiting more than a few seconds. December Learn how and when to remove this template message Mobile payment system in Norway. Fast — Most transactions are completed in less than 10 seconds.

This type of mobile payment method, which is extremely prevalent and popular in Asia, provides the following benefits: It provides certain benefits: The payment could be deducted from a pre-paid account or charged to a mobile or bank account directly.

Security — Two-factor authentication and a risk management engine prevents fraud. Remembering keywords is not required since sessions are initiated by the enterprise to establish a transaction specific context. Provides instantaneous payment Protects payment details and consumer identity Better conversion rates Reduced customer support costs for merchants Alternative monetization option in countries where credit card usage is low One of the drawbacks is that the payout rate will often be much lower than with other mobile payments options.

This also makes it difficult to tell a friend. Second, in a separate transaction, the payment provider charges the purchaser's selected, cloud-linked account in a card-not-present environment to recoup its losses on the first transaction. The cost of setting up short codes and paying for the delivery of media via a Multimedia Messaging Service and the resulting customer support costs to account for the number of messages that get lost or are delayed.

The mobile payment service provider acts independently from financial institutions and mobile network operators to provide mobile payment. Payments were limited to remittance and airtime top up. Direct operator billing[ edit ] Direct operator billing, also known as mobile content billing, WAP billingand carrier billing, requires integration with the mobile network operator.

Slow speed — sending messages can be slow and it can take hours for a merchant to get receipt of payment.

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As opposed to Swish, users don't need to register a Trustly account or download software to pay with it. The user re enters their PIN to authenticate and validates payment Requesting a PIN is known to lower the success rate conversion for payments. Traditional bar codes just represent numbers, which can be looked up in a database and translated into something meaningful.

This model involves collaboration among banks, mobile operators and a trusted third party. Swedish payments company Trustly also enables mobile bank transfers, but is used mainly for business-to-consumer transactions that occur solely online.

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Remote Payment by SMS and Credit Card Tokenization Even as the volume of Premium SMS transactions have flattened, many cloud-based payment systems continue to use SMS for presentment, authorization, and authentication, [20] while the payment itself is processed through existing payment networks such as credit and debit card networks.

Osaifu-Keitai system, used for Mobile Suica and many others including Edy and nanacohas become the de facto standard method for mobile payments in Japan. Since SMS lacks end-to-end encryptionsuch solutions employ a higher-level security strategies known as 'tokenization' and 'target removal' [22] whereby payment occurs without transmitting any sensitive account details, username, password, or PIN.

Mobile FeliCa utilize Sony's FeliCa technology, which itself is the de facto standard for contactless smart cards in the country.

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Parking wardens maintain order in these systems by license plate, transponder tags or barcode stickers or they read a digital display in the same way as they read a pay and display receipt. These systems can be integrated with directly or can be combined with operator and credit card payments through a unified mobile web payment platform.

Several companies have created technology to use the acoustic features of cell phones to support mobile payments and other applications that are not chip-based. Users with a simple phone or without the app can still receive money if the phone number is registered in the internet bank. Please help improve this section by adding citations to reliable sources.

Easy — It's just another option during the checkout process. To date, point-of-sales mobile payment solutions have not relied on SMS-based authentication as a payment mechanism, but remote payments such as bill payments, [23] seat upgrades on flights, [24] and membership or subscription renewals are commonplace.

These solutions combine the ubiquity of the SMS channel, [21] with the security and reliability of existing payment infrastructure. InEricsson and Western Union partnered to expand the direct operator billing market, making it possible for mobile operators to include Western Union Mobile Money Transfers as part of their mobile financial service offerings.

User registers, inputs their phone number, and the provider sends them an SMS with a PIN User enters the received PIN, authenticating the number User inputs their credit card info or another payment method if necessary not necessary if the account has already been added and validates payment Subsequent payments: