Types of Mobile Payments used to Process Credit Cards through Cell Phone
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|Posted On||:||Jan 17, 2013|
Proximity payments require the installation of a near field communication11 (NFC) chip into the mobile device to store the user’s account information. For proximity payments, merchants require special POS readers. Typically, proximity payments are P2B. Remote mobile payments can be initiated using short message service12 (SMS), also known as text messaging, and wireless application protocol 13 (WAP) technologies. Most mobile phones are equipped to handle the SMS functionality and WAP technology, and thus are readily accessible and ubiquitous. To Process Credit Cards through Cell Phone, the user must set up an account with a mobile payment service provider (MPSP). The user then links a bank account, credit card, debit card, or prepaid card (funding options vary) to the account associated with his or her mobile phone number through his Online Menu. While various MPSPs operate differently, the basic P2P payment process is similar in Setup Online Menu. The payer initiating the payment sets up an account with the MPSP. To make the P2P payment, the payer texts a code or command to the MPSP that includes the dollar amount and the receiver’s mobile phone number. The MPSP receives the information. The MPSP sends a message back to the payer confirming the transaction and requesting the PIN. Within a few seconds, the payer receives the message. The payer confirms the payment by entering the PIN. The MPSP receives the payer’s PIN. The money is transferred to the receiver’s third‐party account. The MPSP sends the payment information notice to the receiver. The receiver gets payment information almost immediately thereafter. Money can be moved to a bank account or a check can be issued to the receiver through the user’s Online Menu. The process is generally the same when you process credit cards through Cell Phones; however, any goods purchased are delivered to the address the payer specified with the MPSP after the payment transaction has been completed. Much of the recent hype surrounding mobile payments is due to the numerous entrants to the market and trials in the remote mobile payment space that requires an individual to Setup Online Menu. Most of the MPSPs offer P2P payments, which are gaining a higher profile, an estimated $103 billion of P2P payments are traded annually in situations such as splitting a dinner bill or a cab fare.14 Eventually, however, a shakeout is likely to occur as the strongest competitors begin to emerge. Users can initiate remote mobile payments with WAP technology, which uses wireless communication to access information through the mobile’s Online Menu, particularly Internet content, from a mobile device. Payments can be made directly from a website or by downloading a mobile payment application that may utilize WAP or SMS technology to make a payment. After you have Setup Online, you can purchase via a web browser with a mobile device can occur in the same manner as traditional online purchases: by visiting a website, providing contact, and payment information at checkout. However, currently in the United States, which is a PC centric market, Internet access from a wireless device is low as compared to Europe and Asia‐Pacific markets.
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