Mobile Commerce

Mobile Payment

Mobile payment or (m-payment) is an extension of e-payment technology, customized for mobile devices, described in ‘m-money’ for banking and sundries transactions. It is a payment technology that retail merchants cannot afford to ignore, but latch onto, to boost consumers patronage of their online businesses for maximum returns.

Pointer to the fast growing confidence of online merchants in this payment method, is evidence in the rate at which, high-profile marketplaces vendors are developing, customized m-payment software applications on their business stables complimenting, other e-payment options for consumers convenience.

In a recent publication, posted on Reuters newsletter of August 6 2012, by one Adam Blair; it was reported that, eBay is currently test-running its newly developed “eBay Now” software. The application is described as, “Same-day Mobile Delivery” software. Motive behind this development is not unconnected with moves to counter, Amazon.com rapid “Distribution Centers” which was said to be on the increase.

eBay now operation is being tested on iPhone and i Pad devices, is hinged on “Pay on Delivery” basis. Registered consumers browse online, from the installed apps on their mobile devices for goods in affiliate stores then, click a “Bring It” button at the store, where the desire items is located. The click action, relay an order signals to closest courier service partner, who in turn, approach a nearest partner store to lift the items, for onward delivery to the customers residence.
Payment is made on delivery by the customer upon satisfaction, either on the Apple device of the courier which is enabled for the service or, on the consumers own device.

The report above illustrate collaborative efforts at play, in the entrenchment of mobile payment solution in e-payment system. A high profile marketplaces operator, collaborating with software developers, with a view to outsmart other niche competitors in the game, for the soul of online retail market.

This development is a rapid growing phenomenon in e-commerce environment world-wide. In fact, it is being predicted that mobile payment system will outpace the e-commerce payment system in near future. Thus, small and medium scale online retailers are not lying low on this development.

While the big marketplaces operators can singularly, afford the re-engineering of their payment gateway technology interface to accommodate the mobile payment solutions, smaller entrepreneurs are not left out.

Google Wallet is one of notable world focus, e-payment solution, applicable on mobile devices and Laptop/PCs, customized to meet the online payment needs of small and medium scale businesses. Mobile payment system works the same way e-commerce payment operate. Smart phone or mobile device is use to browse the internet, using the set to in-put relevant cards data and personal information at the storefront payment page.

Yet, there is other simple and moderate mobile payment option, targeted at both the banked and under-banked society, for greater business penetration and profit taken. This payment option allow subscribed customers to pay for services through direct deductions from costumer’s mobile phone credit. This payment option is especially good in recurrent payment for services rendered on mobile devices.

For instance, I use Netqin anti-virus software service for protection against virus attack on my smart phone, including anti-theft and secure online payment services. Payment for this service is settle via my mobile line account on monthly basis. All that is required is, enough credit on the mobile line to pay as when due.

As due date approach, the system generated an automated reminder message, for the subscribers regularization of their subscription, for the service continuation. The message include an Authorization Button, meant to initiate deductions approval signals when clicked, informing the telecom operators, whose network the subscribers uses, to deduct an appropriate amount from the mobile line credit, payable to the service provider.

In a quest to satisfy consumers tastes in the mobile  market, mobile phone industries continue to improve on the device technology, to accommodate the emerging trend in the market. Various brands of simplify and easy to use, smart phones and mobile devices is by the day, launched in the market to consumers delight. This development arises as a necessity because, most mobile payment technology are centered around smart mobile phones and hand-held gadgets. The components assembled in manufacturing these devices, are compressed into a miniature, fashioned after a minicomputer, for convenient internet browsing.

Hence today, we have in the market, Hi-tech products of; Apples (iPad and iPod), Nokia series, Samsung smart phones and Android products, design to operate on iOS, Symbian, and Android system technologies, competing a fierce battle for the dominance of mobile device market world-wide.

One pronounced factor, influencing the growth in mobile payment, is the ever-increasing ratio of internet browsers on mobile devices, right from the developing countries, on to, the developed world populace, compared to the use of laptop or PC for browsing presently. Thus, attention for gadgets shopping is rapidly tilting, in the direction of smart mobile devices, as regards online browsing and e-payments.

Today, digital purchases and payments, are possible via smart hand-held mobile devices. Downloadable digital products like; e-books, entertainment, media and numerous software applications, are easily purchase online and paid for through mobile devices. Also, tangle goods can be ordered and paid for on the move, right on a mobile gadget effortlessly, such that, smart people around the world, are beginning to abandon their laptops purely for use only for cumbersome office work tasks.

Mobile Commerce

Mobile Banking

Mobile payment app. showing service menu list.

Mobile Banking enables one perform the basic banking needs, without stepping the four walls of a bank. From a simple feature mobile phone to the smart mobile devices, one can accomplish most of his or her banking transactions safely from anywhere, and away from the prying eyes of unauthorized third-party. All that is required is, subscription for the mobile money (M-Money) service with a participating bank.

For the apps installation on mobile phone, the software is either SMS to customers phone line, or downloaded at the banks website,  installed and activated in the customers mobile device. The banking industry and payment service providers partnered, to establish mobile payment platform for banking sundry services, and e-payment solutions via mobile devices. With an enabled mobile device, you are able to initiate:

  • Account Balance Inquiry
  • Transactions History
  • Transfer Money
  • Settle Utility Bills
  • Payment Authorization
  • Cheque and Bank Draft request
  • Mobile Phone Top-up

These transactions and more, are made possible on availability of mobile network and internet connectivity. Meaning that, the system utilize both SMS and the Internet; a service provided by, Internet Service Providers (ISP).

Barring any operational variations by banks and e-payment providers, in the application format of their m-money service, and permission to use my banks procedure, the following highlight some of the underlying benefits derivable in mobile banking service:

Money Transfer: An enabled mobile phone is capable of initiating money transfer between accounts within a bank, and into accounts in different banks. Money can also be transfer to phone lines via SMS where, the beneficiaries do not operate any bank accounts. In this case, the beneficiaries simply approach a Mobile Money Agent in the locality to cash his or her money.

Account Balance: You have the opportunity to constantly check your account balance, to be abreast of your account position at any point in time.

Transaction History: In addition to checking account balance, m-banking also afford you the opportunity to view and save, most recent transactions log or history of your account. Regular checks on account transactions history, help forestall possible cases of fraudulent activities on bank accounts. Use SMS for retrieval of your accounts transaction record, where disputable transactions on an account is noticed for prompt alert to your banker.

Payment Authorization: Payment authorization can be initiated on your phone, for issued cheques above a specified amount limit. The same channel can equally be use to stop payment on an issued cheque.

Make Requests: You can request for, or top cheque booklet or Bank Draft issuance via your m-banking enable set. Such request serve as prior notice to ones banker to initiate issuance process of the bank cheque, pending the time the requested item will be ready for collection at the customers convenience.

Top-Up: An enabled m-payment phone comes with Top-up facility for airtime recharge on the phone line, and third-party mobile phones at anytime of the day.

Finally, mobile banking service is simple, interactive, and easy to operate right from the service set up. Either current or saving accounts or both may be register for mobile money service. At registration, each bank account is allocated a  unique Virtual Account Number link, for the mobile payment activation. And as obtain in ATM card issuance for secured transactions, Personal Identification Number (PIN), is always required at every transactions or inquiry in all m-banking transactions. In all, mobile payment service is undoubtedly secure to use from anywhere, and saves time. The argument remains, whether the m-payment solution will not surpass other e-payment platform in the near future.