Overview of Mobile Payment

Abstract

According to the Mobile Payment Forum, mobile payments are the transactions with a monetary value that is conducted through a mobile telecommunications network through diverse mobile users devices, such as cellular telephones, smart phones or PDAs, and mobile terminals. Mobile payment is a transfer of funds in return for goods or services in which a mobile device is functionally involved in executing and confirming payment. The payer can be standing at a POS or be interacting with a merchant located somewhere else. Mobile payment systems enable customers to purchase and pay for goods or services via mobile phones. Here, each mobile phone is used as the personal payment tool in connection with the remote sales. Payments can take place far away from both the recipient and the bank. This chapter gives an overview of mobile payments.