In very simple terms we can define Mobile - payment as the use of your mobile phone to pay for goods and services at point of sale.
The ease of payment is the major benefit from this service. But the speed of adoption of this technology by merchants all over is a necessity to make this the future of financial transactions.
Mobile Payments Ecosystem Stakeholders
There are four types of business models that can be considered involving subsections of the above figure or all of them.
1. Operator-Centric Model:
The mobile operator acts independently to deploy mobile payment applications to NFC-enabled mobile devices. The applications may support a prepaid stored value model or the charges may be integrated into the customer’s wireless bill.
2. Bank-Centric Model:
A bank deploys mobile payment applications or devices to customers and ensures merchants have the required point-of-sale (POS) acceptance capability. Payments are processed over the existing financial networks with credits and debits to the appropriate accounts.
3. Peer-to-Peer Model:
An independent peer-to-peer service provider provides secure mobile payments between customers or between customers and merchants.
4. Collaboration Model:
This model involves collaboration among banks, mobile operators and other stakeholders in the mobile payments value chain, including a potential trusted third party that manages the deployment of mobile applications. Payments in this model are processed over the existing financial networks with credits and debits to the appropriate accounts.
Mobile proximity payment systems are still in their nascent stage, but the pace of new developments and the mobile phone penetration in emerging economies like India are growing phenomenally. In the light of this we can safely assume that in the coming days we will see rapid progress in this field.
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