Uses Of Mobile Payment System!

By Author: Edward
Total Articles: 2

Today, many people trust their mobile to handle money more than their bank. Mobile payment, also called as m-payment or M-payment, is at the front position of this technological development, improvement and establishing this element of security and trust. The improvement of security has seen the use of mobile payment transactions and transfer raise both in quantity of services and goods purchased, as well as value.

The mobile payment system is a new and quickly accepting option of payment method especially in Europe and Asia. Instead of paying with cash, credit cards or cheques, a client can use a mobile phone to pay for a large variety of hard goods or services such as.

Online game subscription or items, videos, music, wallpapers, ringtones and other digital goods.
Transportation charge (train, bus or subway), parking meters and other services
Magazines, books, tickets and other hard goods.

In a world managed by networked communications, convenience is the solution for everything. Mobile payment provides a fast, simple and cashless means for clients to deal with all their financial transactions, from their office, home or any other place around the world. The continually changing in financial services landscape From phone banking to internet banking and now to mobile payment system has stepped up to include all solutions to manage money from any location. Mobile financial services are the future of the world, linking the distance between and telecommunications and banks, combined the complicated platforms of safe financial systems mobile phone networks. Best mobile payment system provides 100% safety and security for every transaction to their clients who make payment via their mobile device.

Mobile payment services are developing rapidly in recent years and will grow quickly in the next years. Currently, banks, MNOs (Mobile Network Operator), mobile terminal providers, solution providers and other third parties are participating in the improvement of providing mobile payment service. The best mobile Payment system is usually based on WEB, USSD, SMS, WAP and RFID, operators can expand diversified mobile payment service on one platform to make its usage more friendly and easier for clients, meanwhile avoiding extra difficulties and savings in process of several platforms so as to decrease operators' OPEX and CAPEX.

With this system, customers can make payments easily from their mobile phone at their convenience from either a mobile wallet or a bank account for making Credit card payment and Bills. Mobile payment system could be used for payments made by merchants to wholesalers for receipt of salary, consumer goods, pension disbursements and commission made by governments and other private companies to social benefit distributions and individuals.

In many developing countries where the greater part of the population is not linked with banks, best mobile payment system can play the vital role that direct deposits in developed countries.

All the mobile phone operators, stakeholders, manufacturers and developers of mobile payment systems, standardization and regulatory bodies and services providers are now working together to make the mobile payments a profitable success. They are alert that the market is gaining mass reputation and getting 'critical' mass. The current testing of mobile POS technologies at mass scale has improved prospects for mobile payment apps in many areas and a faster development in future.