In theory, is there a strong business case in the concept of mobile payments, given the high market penetration rates of mobile devices such as cellular phones and PDAs? S., in many parts of the world. In addition, mobile operators and financial institutions, through the use of these devices, envision an attractive way to enable their customers to pay. On the consumer side, users can avail the facility, allowing them to buy goods and services from any location.

 

In theory, a mobile device can be used as a POS (point of sale) device. Mobile operators and financial institutions have considered this concept as the next logical step in making mobile devices a reliable payment tool for consumers, acting as a complementary tool to cash, checks, credit cards and debit cards.

 

Currently, financial institutions are issuing wireless POS capabilities to merchants who are competing with a single consumer? S mobile phone. Numerous new services have been introduced around the world with merchants accepting payments from wireless POS terminals. For example, do these wireless POS terminals allow merchants to offer home delivery services, in which payment is presented and accepted upon delivery of goods or services to the consumer? S. Location.

 

Wireless POS terminals use wireless networks of mobile operators to send payment instructions to a merchant acquaintance? S payment server. As a result, wireless POS services are classified as an extension of traditional payment services. Given that almost everyone in some regions of the world will soon own a mobile phone, and most merchants offer POS terminals as a form of location payment, it is underestimated that the mobile device is one of the retail payment markets. Will take a larger share.

 

Since the wireless POS implementation is an extension of the current payment infrastructure, users will still have to use a credit or debit card to make purchases. The convenience associated with current wireless POS methods has to do with the fact that these terminals are brought to the point of purchase. For example, in a restaurant environment the user is paying for their bill from their seat via a debit card, or for their groceries that have been delivered to their front door.

 

Mobile devices enable the use of many services, services that do not require a card reader, personal computer and modem combination, or a merchant? S Wireline POS Terminal. Nowadays, mobile devices have an embedded chip that can be used to store information and provide secure authorization and identification.

 

Interoperability required

 

But to make these services available to the majority of mobile users, mobile payment service providers need to roll out services that provide interoperability. There have been many mobile payment pilots that enable mobile devices to be used as payment options, some of which have advanced to full mobile payment services (such as PayPal, Paybox, MovilPago). To this day, shall we? Ve found that the key to providing a successful mobile payment service would be to reap the benefits that end-users and end-user customers have: convenience, security and independence are some of the key elements.

 

However the industry has a long way to go before mobile devices become consumers? S payment instrument of choice, cooperation is important to ensure the stability of a viable mobile payment infrastructure.

 

Both mobile operators and financial institutions have tried, with little success, to implement their own individual pilot projects. Both sides have faced many difficulties. For example, mobile operators, because of their extensive existing customer base, technical know-how and billing understanding, seemed the most likely candidates to provide mobile payment services. However, the problems and risks associated with risk management have arisen in collaboration with several providers necessary to bridge the gap. On the other hand financial institutions are faced with limited number of users and high infrastructure costs. To address these problems, mobile operators and financial institutions have started collaborating to jointly offer mobile payment services to their customers. For example, the leading Dutch direct bank ING / Postbank Netherlands, has partnered with Netherlands number three mobile carrier Telfort to provide users with mobile access to the bank? लिंक Link retail applications and user bank accounts to Telfort? S prepaid service top-up capabilities for account recharging. In this case, the fact that these two institutions are taking advantage of their natural symbiosis is a major step in the right direction.

Right now four entities are required to pay via credit card (acquirer, issuer, merchant and consumer), five to pay via mobile device (mobile operator, acquirer, issuer, merchant and consumer). Consequently, the ideal business model involves collaboration between mobile operators, financial institutions, technology suppliers, and industry associations to standardize a certain amount that will ensure the successful implementation of a robust mobile payment infrastructure.

 

Nevertheless, many issues, including the limited functionality available through the current generation of networks, as well as the lack of standards to name a few, still hamper efforts being made by these industry players. In addition, there remain questions about successful revenue-generating business models.

 

The conclusion

 

As mentioned earlier, cell phone and PDA penetration rates are higher then they have ever been, with exponential growth rates increasing exponentially in consumer adoption. Accordingly, the focus of the industry should be centered around the business side. Right now it is not possible for a mobile operator or a financial institution to play the role of competitive services on a proprietary model that does not include interoperability. Mobile operators and financial institutions must work together to implement mobile payment services that marry a consumer's bank account with their mobile subscription. Offering paid services should not be seen as a competitive advantage, but as a requirement that will enhance the success of the rollout of mobile commerce.

 

Today we are seeing several initiatives including the creation of various industry associations designed to address various issues related to the mobile industry. Along with these activities, mobile operators and financial institutions are working together to add new payment services. Pre-paid Top Up for example, is the first real commercial mobile payment application being introduced in many markets. Are financial institutions and mobile operators collaborating to enable customers electronically for their pre-paid wireless accounts using telephone banking, Internet banking and multiple banking channels such as ATMs and mobile banking? Experience using SMS (Short Message Service).

 

Currently, payment devices are centralized on a virtual wallet or a mobile device on an open network service platform. Consumers register for the service through their financial institution, mobile operator or service provider, depending on how the service is setup. A consumer needs registration to link the consumer's data with their financial information and should provision a mobile device for the service. Future methods can be seen as a way for users to use their mobile devices only to access their bank accounts, making the mobile operator's task only to transport data. In addition, smart cards issued by financial institutions may begin to become more prevalent.

 

As mobile services and infrastructure evolve, will we begin to see the real perception of mobile payment devices? Soon, mobile payment will become an integral part of the consumer lifestyle, which payment devices are hidden in our wallet today. It is clear that cooperation between mobile operators and financial institutions requires a viable mobile payment. It is also clear that the next logical payment industry step is to provide consumers with the ability to pay for goods and services on their mobile devices. The only true concept of payment anytime and anywhere? Accessible via mobile device. 'Where wireless happens, there is a way' and the key to the success of the industry is as simple as giving consumers what they want.

 

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