You are at a restaurant and ready to pay your bill
You are at super market to pay cost your articles!
You want to reserve a ticket to cinema or to a train!!
You are at super market to pay cost your articles!
You want to reserve a ticket to cinema or to a train!!
No need to dip your hand into your pocket and pull out the currency instead, you whip out your cell phone and punch in some digits ID number. In an instant your phone becomes your bank. It can't spew out hard cash like an ATM, but otherwise it is as capable or even more to do any thing you wanted. If you transfer charged amount into others account and next instant the oth er mobile phone beeps that he has been paid. This is magic or miracle of mobile which made our life simple and smart with M-payment technology.
M-payment (mobile payment) is a payment made through mobile device, such as cellular phone, personal digital assistant or smart phone M-payments are based on cellular phones used in wide area network (WAN).It also involved punching in of long sequences of digits. Other technologies used infra red(IR),blue tooth ,Wi-Fi for data transmission. Mobile bank, is a shift from the bank driven traditional model to telecom driven model. This potential sector is quite lucrative for telecom sectors. The channel of communication for bank have shifted from Teller to automatic teller machines and from internet based banking to mobile banking ,this is telecom based banking movement .the convergence of voice, data video and wireless has been insight for some time now. And this only marks the beginning of an even larger confluence that is underway from the banking industry and heading towards the telecom world. Research suggest that payments originating. From cell phone world wide could reach 4.2 trillion or more per year. Cell phones are useful to check account balance, savings and credit card accounts, mortgages, pay bills; transfer of funds between accounts and view transaction details just using SMS (datacommunication) facility.
M-Payment business raises the opportunity for wide range of possible value-added services. These unlimited possibilities of value-added services will form strong business opportunities for service providers in the next coming years. Payments, can generally be classified, on the basis of mode of payment, into two categories:1)Virtual M-Payments2) Physical world M-Payments. Virtual M-Payments are among the first M-Payments services launched. They involved transactions made in the "virtual" world, such as top-ups for pre-paid mobile accounts, payments for mobile phone-related services like ring tones, caller tunes, games, music, mobile phone customization etc. This alone has generated more than$250 billion revenue for carriers in US in 2004. .Physical worlds M-Payments are
Transactions done in a retail establishment using a mobile phone as the payment device. This new payment model is just starting to emerge, especially in Asia and Europe.
Transactions done in a retail establishment using a mobile phone as the payment device. This new payment model is just starting to emerge, especially in Asia and Europe.
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M-payment means increased customer base, higher SMS usage, enhanced prepaid reloads which generates more income to telecom operators .transparency and communication security aspects is the key for the success of M-payment trend, Japan has created innovative business for transit card and e-money services .In south Korea, USIM (universal subscriber identification module) to offer an integrated mobile card solution that include banking, transit, stock transfer and M-payment. Europe will be evolving into a SEPA (single euro payment area) zone; this new method of retail payment business will have huge impact. United states have relatively uncharted water for mobile payment .with almost 60% of the U.S population over the age of 18 having mobile phone, could enable mobile operators and banks to offer new payment services to their customers and increase their debit and credit card transaction volume .M-payment being more secure and flexible than cash .Australia, Korea, Singapore, and Japan are ranking ahead in terms of M-payment maturity. Mobile operators driven, bank driven, government driven, independent payment service provider driven and industry driven are the five existing models in which M-payment market evolved. M-payment is originating as more dynamic and innovative market driver for Companies, micro finance institutions and stock markets. The increase in the perceived value of the technology comes with the ability of the customer to use his debit card via mobile device.
M-payment is originating as more dynamic and innovative market driver for companies. The visions to transform the mobile phone into a personal mobile wallet for debit/credit account information. Providing Mobile cash for small and large transactions to millions of customers will increase the capabilities of partners in value chain .SMS based M-payment is focusing not only on corporate customers but also micro payments and event ticketing which fetches more money to operators in next couple of years.
M-payment is originating as more dynamic and innovative market driver for companies. The visions to transform the mobile phone into a personal mobile wallet for debit/credit account information. Providing Mobile cash for small and large transactions to millions of customers will increase the capabilities of partners in value chain .SMS based M-payment is focusing not only on corporate customers but also micro payments and event ticketing which fetches more money to operators in next couple of years.
