When it comes to money management, many users trust their mobile phone more than their bank. This technological innovation, development, and establishment of trust and security is the forefront of mobile payment (also known as M-payment or simply m-payment). Mobile funds transfer has been a key component of increasing the value and quantity of goods and services.
Mobile payment is an emerging and popular alternative to traditional payment methods, especially in Asia and Europe. A mobile phone can be used to pay for many services and hard goods, instead of using cash, cheque, or credit cards. * Music, videos and ringtones.
* Transportation fare (bus or subway, train, parking meters, and other services)
* Books, magazines and tickets, as well as other hard goods.
Globally, the combined market for all types mobile payments will exceed $600B by 2013.
Convenience is key in a world that relies on networked communications. Your customers can use mobile money to manage all their financial transactions from anywhere, including home, work, or on the road. The constantly evolving financial services landscape now includes mobile payment services and phone banking, as well as internet banking and internet banking. The future is mobile financial services, which bridge the gap between banks and telecommunications and integrate the advanced platforms of mobile phone networks with secure financial systems. Every mobile user who makes a transaction via their mobile device expects 100% security and safety.
Mobile payments have been growing rapidly in recent years. They will continue to grow in the coming years. MNOs (Mobile Network Operator), banks and solution providers are all involved in the development of mobile financial services. Mobile Payment solutions are typically based on SMS/WAP, WEB/USSD and RFID. This allows operators to create a variety of mobile payment services on one platform, making it easier for subscribers and avoiding additional investment and difficulties in the operation of multiple platforms.
This solution allows subscribers to make mobile payments at their convenience using either a bank account, or a mobile wallet to make Credit card payments (consumer-to-financial institution) and Bills (consumer-to-utility company or service provider).
Mobile business-to-exchange is a way for developing countries to play the same role as direct deposits in industrialized nations.
Mobile phone operators, developers, manufacturers, regulators, standardization bodies, and service providers all have to work together in order to make mobile payments a commercial success. They know that the market is growing in popularity and is reaching critical mass. Recent mass-scale testing of mobile payments technologies has raised prospects for mobile payment's future growth and expansion in more areas.
Mobile Network Operators Get Benefits
* Add value to your brand image
* Additional recurring and constant revenue source
* Customers will be more loyal and trustworthy
* Increase market share by providing more interactive value to customers
Mobile Subscribers Get Benefits
* Eliminates the necessity to keep cash on hand
* You can access the service whenever you need it
* Provide convenience with real-time secure and paperless transactions
* Subscribers can pay for products and services at any time and from anywhere
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