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Mobile payment
This document outlines mobile payment, detailing its definition as a fund transfer for goods or services via mobile devices. It covers various forms of mobile payment, such as SMS, QR code, NFC, and in-app purchases, highlighting advantages for both consumers and shop owners. Additionally, it provides a brief overview of Apple Pay, including its security features and market acceptance.
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Mobile payment
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- 2. CONTENT OUTLINE Overviewof Mobile Payment Forms Of Mobile Payment Apple Pay
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- 5. Banks and MobileBanking Users
- 6. Growth of MobilePayment
- 7. What is MobilePayment A transfer of funds in return for a good or service, where the mobile phone is involved in both the initiation and confirmation of the payment.
- 8. What is MobilePayment Location of payer Mobile On the move Point of Sales Support infrastructure to process payment Credit card Prepaid wallet
- 9. Advantages For Consumers 3 2 1 Easierpayment process Secure Cool way to pay
- 10. Advantages For ShopOwners Easy and cheap setup More returning customer Increase conversion rate
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- 12. Different Forms OfMobile Payment • SMS Payment • QR Code Payment • NFC Payment • PaymentsWithin Apps Or MobileWebsites • Virtual PrepaidCards • Mobile Credit Card Readers
- 13. SMS Payment • Prominentin developing markets • Attractive for micro payments • Fast, easy and anonymous • Less popular now in mature markets
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- 15. Near Field CommunicationPayment • Alternative to credit card • Put smartphone close to the NFC reader
- 16. Payments within Appsor Mobile Web • In-app purchase • GoogleWallet
- 17. Virtual Prepaid Cards •Digital version of plastic gift card • Pay by scanning barcode
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- 19. Apple Pay • NFCIntegration • Touch ID for Security • "Tokenization" • Accepted at 200,000 Locations in U.S. • Supported by iPhone 6, 6 Plus, AppleWatch
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Editor's Notes
- #5 There are only 1.3 billion active credit and debit accounts globally, but considering that there are more than 5 billion active mobile phone accounts, there is potential for widespread application of global mobile payments. By the end of 2013, there were about 245 million mobile payment users, and Juniper Research predicts this will almost double within the next three years up to 450 million mobile payment consumers by 2017 Areas: Africa currently holds the top place for mobile payment usage worldwide
- #8 Mobile payments first became popular in Asia and Europe before becoming more common in the United States and Canada. They can be sent (most popularly) by text message, by passing a smartphone screen displaying a special barcode under a store's barcode scanner or by using a phone to take a photo of a check and sending it. The cost of the purchase may be added to the consumer's phone bill or paid by credit or debit card.
- #9 Mobile payments first became popular in Asia and Europe before becoming more common in the United States and Canada. They can be sent (most popularly) by text message, by passing a smartphone screen displaying a special barcode under a store's barcode scanner or by using a phone to take a photo of a check and sending it. The cost of the purchase may be added to the consumer's phone bill or paid by credit or debit card.
- #14 Payments via SMS have been around for a long time already and are still very prominent in developing markets. SMS are attractive for micro payments and are fast, easy and anonymous. Nowadays, in mature markets, SMS payment is an unusual way to pay with your smartphone. Reference: http://www.mobiletransaction.org/what-are-sms-payments/
- #15 Almost everyone has scanned a QR code until now and most of the time the reason was just to try it out. Besides that, QR codes haven’t been successful as a marketing tool yet. As a mobile payment tool, however, they are more performing better. QR codes can be scanned with phones in order to be directed to a mobile website or location within an app with the option to buy a product. This way can be time-saving. You can avoid cues of waiting customers or even order something before you enter a fast food restaurant and pick up your order directly when you arrive. Split Bread, a gourmet sandwich restaurant, implemented QR codes quite well. On every table customers can scan a code, order and pay directly on their phone without ever talking to a waiter.
- #16 NFC – which has become quite a buzz word now – stands for Near Field Communication. NFC chips are now a standard feature for new smartphones. Interestingly, Apple decided to wait using NFC chips in their iPhone. With such a chip a customer simply has to put his smartphone close to a NFC reader to make a purchase. You will have the possibility to pay your new sweater or your groceries with a swipe over a NFC terminal. Some cities already use NFC payment systems in public transport. With this form of mobile ticketing, passengers can pay their ride with their smartphone instantly. Some critics say that there is no added value to NFC payments in stores. It’s as much work as pulling out a credit card and swiping it through a card reader. In both cases an additional action is required (PIN or signature). This might be true but, eventually, I think that people will tend to use the phone instead. They will use it in other payment situations as well and rather stick to only one payment tool. Google has developed the currently most known NFC payment application called Google Wallet. You can link your credit and reward cards securely to the app and pay for goods in stores with a NFC terminal. NFC technology is also used more often as a marketing tool. We have already covered some NFC marketing best practices. Check it out if you are interested in the marketing side of NFC.
- #17 Such payments are usually m-commerce payments and purchases of digital goods (explained in “Remote Payments” above). One great example is the e-commerce shop Fab.com. They have successfully designed intuitive apps, which have been generating one third of their sales on this year’s Thanksgiving. Also, more and more online shops are offering their customers to pay their order online with their mobile device using Google Wallet. It’s a win-win situation: customers can easily skip filling out annoying forms and purchase an item with only one click. This will most likely increase conversion rates and revenue.
- #18 A virtual prepaid or gift card is basically a digital version of the plastic gift card inside of an app. Starbucks did a good job there. It uses this approach to offer their customers an easier way to pay for a hot coffee. Starbucks Cards exist in both versions, a plastic card with an amount of money on it and the same card, but only digital in the Starbucks app. If you pay for your order with your virtual card the app will spit out a barcode, which will be scanned to complete your purchase. Starbucks also offers its customers to pay with their Square Wallet app, which works similar to Google Wallet. This is possible in over 7000 locations. It works similar, a barcode gets scanned and you pay with your credit card instantly.