Mobile Payment
What is Mobile Payment?
Mobile payments are services that use mobile devices for payments. Consumers can use mobile devices to pay for service or digital and physical goods without using cash, checks or credit cards. Although the concept of using a non-physical currency system has existed for a long time, the technology that supports this system has only recently become popular.
Mobile payments are used in different forms around the world. With the mobile phone as the carrier, through the information interaction with the terminal reader, the operator can integrate various information such as mobile communication card, bus card, subway card and credit card into the mobile phone as the platform carrier for integration. Manage and build a network system that is compatible with it, thus providing users with convenient payment and identity authentication channels. The mobile
payment service is a mobile data value-added service application built by a mobile operator, a mobile application service provider (MASP) and a financial institution and built on a mobile operation support system. The mobile payment system will establish a payment account associated with its mobile phone number for each mobile user,
which functions as an electronic wallet, providing mobile users with a way to conduct transaction payment and identity authentication through mobile phones. The user accesses the mobile payment system by making a call, sending a text message or using the WAP function, and the mobile payment system transmits the request of the transaction to the MASP, and the amount of the transaction is determined by the MASP, and the user is notified by the mobile payment system, and the user confirms. After that, the payment method can be implemented in a variety of ways, such as direct transfer to the bank, user phone bills or real-time debit on a dedicated prepaid account, which will be handled by the mobile payment system (or with the host system of the user and the MASP bank). Nowadays, the mobile payment tide swept the world.