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LEARN5 - Mission 5: Mobile payments
There's one thing beside money you hold close to you wherever you go. Yes, you guessed it right, it's your personal mobile phone. Building upon this fact, SapientNitro came up with a very detailed and interesting infographic about mobile payments in the future. The growing distribution of smart phones makes the development of mobile payment concepts even easier.
There are 3 different types of mobile payments1. m-Commerce: This is probably the most common way of purchasing items online these days. You navigate to your desired item and online shop using the browser on your smart phone. After adding the item to your cart you follow the instructions on the website. This method basically just replaces your desktop PC and is often called standard web commerce.
2. m-Payments: Your credit card information is stored on your phone (via an app especially designed for this purpose). Prior to your purchase, you need to enter your pin. Tap your phone to the NFC pos and your information is sent for authentification. This method uses contactless and mobile app technologies.
3. m-Wallet: The third option doesn't require your credit card information but you to load funds to your phone. After scanning the barcode of the desired item, the amount is deducted from your account and the new balance will appear on your phone. This method aims to replace your full wallet.
Using technologies of mobile phones, there are 5 possible mobile payment models
1. Contactless concepts aim to use NFC, RFID and FeliCs. Internet is not required for this model. These technologies are usually already implemented in most of the smart phones nowadays.
2. When internet is enabled and available, mobile apps can be used for fast and secure payments.
3. Beside mobile apps, preinstalled mobile browsers can be used for online payments.
4. Non-smart mobile phone owners have the possibility to pay via SMS services.
5. USSD is similiar to SMS but is quicker and has the ability to invoke commands with common codes rather than opening a messaging application.
Challenges till mobile payments will be fully accepted
While many online shops are starting to develop their own mobile payment concepts, there are still a lot of concerns coming from the smart phone users. Most of them worry about privacy and they believe there is increased risk of identity theft and fraudulent activities. But there are also many smart phone owners who are looking forward to the day that most payments are done with mobile phone. They see it as more convenient than other forms of payment.
I personally believe that once developers can reduce the risk and privacy issues to a minimum, mobile payment will become one of the main payment methods in the future. It is fast and easy to use and saves a lot of trouble of going to your bank and physically take out cash to pay for your desired item.
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