Thursday, November 23rd, 2017

Mobile Payment

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Mobile Payment

Today India like many emerging market countries is have a center of explosion growth in mobile phones. Mobile technology spread all over the world are being used for instant messaging, phone calling, internet surfing, game playing, music playing, time telling, emailing, math calculating, appointment scheduling etc.

Mobile payment technology introduced in cell phones were first make out in Singapore in 2001 and in 2004 in Japan, at that time more than 5 million phones sold in the market in first year. Recently Pay Pal announced the new version of mobile Payment. Mobile payment programs and services were introduced and working ot new ideas by other technology companies and financial institutions in the US, Uk, New Zealand, Netherlands, Ukraine, Brazil, India, Africa, Belgium. Mobile Payment is paying for goods or services with a mobile device such as a mobile phone, Personal Digital Assistant (PDA), or other such device. They can be used in a variety of payment scenarios. Typical usage entails the user electing to make a mobile payment, being connected to a server via the mobile device to perform authentication and authorization, and subsequently being presented with confirmation of the completed transaction.

Mobile payment are classified into four primary models such as Direct Mobile Billing, Mobile web payments, Premium SMS based transactional payments and Contactless Near Field Communication (NFC).

Recently BOKU launched mobile payment technology, BOKU is a mobile online payments company. The company is based in San Francisco with offices in Europe, Asia and Latin America. Currently 1000 customers use mobile payments platform, So BOKU has powered 6.5 million online mobile transactions.

Zong is a mobile payment system for monetizing Web audiences. Zong enables Web publishers to reach 500+ million mobile users on 64 carriers in 13 countries worldwide. Web companies successfully use Zong as an add-on or alternative monetization tool. Some mobile payments solutions are also used in developing countries for micropayments.

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