MOBILE PAYMENT

The development of smartphone has gone and replaced a few things like watch, alarm clock, tape recorder, music player, and now we can add cash and wallet to the list. Payment method had been morphing through various channels. from cash to cheque, to credit card and debit card and now to online banking and mobile commerce. 

Mobile Payment is a Point-of-sales transaction made or received with a mobile device. When consumer use mobile payment, the merchant and the mobile payment service provider will share the responsibilities in protecting the consumer's data. The exact division of responsibility between the merchant and payment processing services provider will vary depending upon the specifics of the device types, software and servicess in use. 

There are 3 type of mobile wallet that can be used at the point of sales.

• Financial institution such as banks, credit card issuers and credit unioin may develop a mobile wallet for use by their cardholders in retail outlets
• Intermediaries such as Apple, Google and Samsung have developed mobile walllets that can contain card from multiple issuers.
• Retailers may decide to developed their own mobile app that features a mobile wallet capability.

Technologies that being used for mobile payment include Near Field Communication(NFC), Bluetooth, WiFi and RFID

This video will give you more understanding on what actualy mobile payment and how can we paid just by using our phone.

References : 

http://searchmobilecomputing.techtarget.com/definition/m-payment 

http://www.mobilepaymentstoday.com/articles/mobile-wallets-101-your-guide-to-the-future-of-cardless-transactions-2/?campaigner=1#at_pco=smlwn-1.0&at_si=565bd1cdf54f0ee6&at_ab=per-13&at_pos=0&at_tot=1

http://www.hongkiat.com/blog/mobile-payment-systems/