Mobile Payments: What is Mobile Payment?

What is Mobile Payment?

Mobile Payment is one the overly hyped phrases in the industry today. It could mean a lot of different things in different contexts. In general, Mobile Payment means that as a consumer you can use your mobile device?to make payments instead of paying by?Cash, Check, Credit Card, Debit Card or any other payment mechanism. It could also mean that you could use your mobile device to accept payments from others;?or, it could mean that you can use your mobile to pay a friend?back; or just pay a bill. You get the idea.

Let’s start a list?of things we can do with mobile and payments in this post. We will?keep adding to the list as we find more.

  • Mobile at the Point of Sale
    • Tap & Pay using your Mobile NFC device?– Google Wallet, Isis
    • Scan a QR code?using your mobile’s camera?to make a payment – Paydiant
    • Show a QR code displayed on your mobile at the POS – Starbucks Wallet
    • Pay using Mobile BLE and iBeacon?technology and the Cloud – Paypal
    • Simulate Magnetic Stripe signals – LoopPay
  • Mobile Point of Sale (mPOS)
    • Mobile card reader dongle to accepts payments – Square
    • Fully integrated tablet based POS system – ROAM
  • P2P payments – Person to Person
    • Pay a friend using?their phone number – PayM
    • Pay a friend using their email address – PayPal
    • Pay a friend by bumping the phones together – BumpPay
    • Transfer money between different bank accounts – Bank apps
  • mCommerce
    • Pay in apps using?digital wallet – Pay with Paypal
    • Pay?across apps – Venmo Touch
    • Pay in mobile web sites – Regular mobile checkout
    • Pay utility bills using your mobile device
  • Old Fashioned
    • Pay using SMS – Premium SMS or MMS
    • Direct carrier billing

Mobile Payments Blog Series

Welcome to the Mobile payments FAQ and?not so FAQ?series?and you are on FAQ?#10.?The idea behind this series is to?share and learn as much as possible about the field of mobile payments.?If you like, you can read all of the FAQs on the Mobile Payments?category or by visiting the Table of contents page.

Ganeshji Marwaha

I spend my days as the Director of Technology for Mobility practice and help my clients design enterprise and consumer mobile strategies. Mobile Payments, Digital Wallet and Tokenization technologies are my areas of specialization