- published: 10 Dec 2013
- views: 64072
Mobile payment, also referred to as mobile money, mobile banking, mobile money transfer, and mobile wallet generally refer to payment services operated under financial regulation and performed from or via a mobile device.
Financial institutions and credit card companies as well as Internet companies such as Google and a number of mobile communication companies, such as mobile network operators and major telecommunications infrastructure and handset multinationals such as Ericsson have implemented mobile payment solutions.
Mobile payment is an alternative payment method. Instead of paying with cash, check, or credit cards, a consumer can use a mobile phone to pay for a wide range of services and digital or hard goods such as:
There are four primary models for mobile payments:
Additionally there is a new emerging model from Haiti: direct carrier/bank co-operation.
Mobile payment is being adopted all over the world in different ways. Combined market for all types of mobile payments is expected to reach more than $600B globally by 2013, which would be double the figure as of February, 2011, while mobile payment market for goods and services, excluding contactless NFC transactions and money transfers, is expected to exceed $300B globally by 2013.
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