Mobile Payment

Mobile payment is money paid for products or services via portable electronic devices such as tablets and mobile phones. Mobile payment technology can also be used to send money to friends and family. Many banks recently adopt technology for banking applications that allows customers to remit directly from their bank accounts to friends and family. You can also scan the application's barcode on your mobile phone and make payments at the store by mobile phone. The purchase cost can be deducted from the preload value of the account associated with a particular store or paid by credit or debit card. Since payment information is encrypted during transmission, it is considered a more secure payment method than payment by debit card or credit card.

Mobile payments are popular first in Asia and Europe, and then become more common in the United States and Canada. In the early days, mobile payment was being sent via SMS. The technology then allows the picture of the check to be taken by the phone camera and sent to the recipient. This technology eventually evolved into a mobile check receipt function for banking applications. Recently, applications such as PayPal and Apple Pay were developed to enable payment via smartphone screens displaying special barcodes under store bar code scanners.

There are many companies offering mobile payment applications. But the most popular are Apple Pay (Apple mobile payment solution), Android Pay (Google mobile payment solution), Samsung Pay (Samsung mobile payment solution). If you have the latest model for iOS or Android devices, you may support mobile payment apps. On the merchant side, Square offers a payment processing system and system that accepts mobile payment. Everything you need to accept Apple Pay, Android Pay, Samsung Pay is Square's mobile payment reader and your mobile device. (Click here to see if your device is compatible - there are most new iOS and Android models)

The US market gradually adopts mobile payment (Apple Pay and PayPal are the most common way, AndroidPay is catching up). By the end of 2016, only 19.4% will reach 11.4% of US smartphone users using mobile payment and mobile payment transactions. Billions of dollars. At the same time, China Mobile's transactions increased by more than 5.5 trillion US dollars, US Mobile adopted peanuts. Mobile shopping and peer-to-peer loans are everywhere in China. More complex banking transactions such as daily purchase, gift exchange in currency, and purchase of mutual funds is a common mobile experience. All these activities will generate a large amount of data that payment companies and brands can use to create better, more efficient merchandise, shopping experience, payment process. This is a typical example of a virtuous circle of mobile data.

Mobile payment refers to mobile financial services transactions operated by mobile network-based mobile devices. There are various definitions for mobile payment now. Various researchers and institutions define from various angles. For example, Au and Kauffman (2008) defines M-payment as "commencement, approval and confirmation of payment of commerce using mobile devices" (Kim et al. 2010, p. 310). In contrast, Forrester and Gartner define M payment more narrowly. Forrester (2012) defines M payment as a fund transaction initiated by a mobile phone without using voice features. Gartner (2013) defines M payment as a transaction using payment means including mobile phone and bank.