A mobile payment, also referred to as mobile money, mobile money transfer and mobile wallet, is any of various payment processing services operated under financial regulations and performed from or via a mobile device, as the cardinal class of digital wallet. Instead of paying with cash, cheque, or credit cards, a consumer can use a payment app on a mobile device to pay for a wide range of services and digital or hard goods. Although the concept of using non-coin-based currency systems has a long history, it is only in the 21st century that the technology to support such systems has become widely available.
Mobile payments began adoption in Japan in the 2000s and later all over the world in different ways. The first patent exclusively defined "Mobile Payment System" was filed in 2000.
In developing countries, mobile payment solutions have been deployed as a means of extending financial services to the community known as the "unbanked" or "underbanked", which is estimated to be as much as 50% of the world's adult population, according to Financial Access' 2009 Report "Half the World is Unbanked". These payment networks are often used for micropayments. The use of mobile payments in developing countries has attracted public and private funding by organizations such as the Bill & Melinda Gates Foundation, United States Agency for International Development and Mercy Corps.
Mobile payments are becoming a key instrument for payment service providers (PSPs) and other market participants, in order to achieve new growth opportunities, according to the European Payments Council (EPC). The EPC states that "new technology solutions provide a direct improvement to the operations efficiency, ultimately resulting in cost savings and in an increase in business volume".
There are 4 primary models for mobile payments:
Bank-centric model
Operator-centric model
Collaborative model
Independent service provider (ISP) model
In models connected to a bank or operator, a bank/operator is the central node of the model, manages the transactions and distributes the property rights.
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The course provides a market-oriented framework for analyzing the major financial decisions made by firms. It provides an introduction to valuation techniques, investment decisions, asset valuation, f
This advanced course will provide students with the knowledge to tackle the design of privacy-preserving ICT systems. Students will learn about existing technologies to prect privacy, and how to evalu
The course provides a market-oriented framework for analyzing the major financial decisions made by firms. It provides an introduction to valuation techniques, investment decisions, asset valuation, f
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A mobile phone (or cellphone) is a portable telephone that can make and receive calls over a radio frequency link while the user is moving within a telephone service area, as opposed to a fixed-location phone (landline phone). The radio frequency link establishes a connection to the switching systems of a mobile phone operator, which provides access to the public switched telephone network (PSTN). Modern mobile telephone services use a cellular network architecture and therefore mobile telephones are called cellphones (or "cell phones") in North America.
A credit card is a payment card issued to users (cardholders) to enable the cardholder to pay a merchant for goods and services based on the cardholder's accrued debt (i.e., promise to the card issuer to pay them for the amounts plus the other agreed charges). The card issuer (usually a bank or credit union) creates a revolving account and grants a line of credit to the cardholder, from which the cardholder can borrow money for payment to a merchant or as a cash advance.
Digital currency (digital money, electronic money or electronic currency) is any currency, money, or money-like asset that is primarily managed, stored or exchanged on digital computer systems, especially over the internet. Types of digital currencies include cryptocurrency, virtual currency and central bank digital currency. Digital currency may be recorded on a distributed database on the internet, a centralized electronic computer database owned by a company or bank, within or even on a stored-value card.
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