Want to know about mobile phone payments methods

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Mobile payments are also known as Mobile Money or Mobile Wallet which generally refers to the 핸드폰소액결제현금화 . The consumers using their mobile phones instead of cash, cheque or credit cards to pay the bills for their services and goods is known as Mobile Phone Cash Settlements. This mobile phone payment system was introduced in the early ’90s, but it was redefined exclusively in the year 2000 and gradually increased to 300 billion in the year 2015. It is expected to reach double the ratio in the future. Mobile payments are becoming a key instrument in developing the business volume.


Due to the increase in the dependence of smartphones, various methods have been developed to allow consumers to pay through their smartphones. The consumers can go cashless and pay for their goods and services digitally through their mobile phones. This technology attracts people all around the world, and many people feel secure using their smartphones for their transactions.

Types of Mobile Payments and it uses

Generally, mobile payments are grouped into three categories namely Point Of Scale Solution, In-Store and Remote payments. The NFC Payment, Sound Wave Payment, and MST Payment come under Point Of Scale Solution category whereas the Mobile Wallet and QR Code come under In Store payment category. The Internet Payment, SMS Payment, Direct Carrier Billing, and Mobile Banking come under Remote Payment. The NFC Payment is a contactless payment, and it uses Radio-frequency identification technology to make its transactions. NFC Payments are secured but slow. Sound Wave payment uses Encrypted Sound Wave technology, and it does not require an internet connection. MST Payments are done with a magnetic signal that is emitted by our mobile phones.

Mobile Wallet is a way to carry our debit and credit card details in a secured form in our smartphones to make payments through it. The QR Code payment is made by scanning the QR Code in the merchant’s phone and pay for their goods. Internet Payment refers to an online payment which refers to the money exchanged electronically, and this requires internet. SMS Payment is a means of paying for goods and services via text messages from your mobile phone. Direct Carrier Billing is a mobile payment method that bills the purchase from the third party vendors of digital products. Mobile Banking is a service provided by the banks that allow consumers to make financial transactions using their smartphones.

Importance and Benefits of Mobile Payments

The 핸드폰소액결제현금화 is undeniably important in today’s world due to the advancement of technology and influences the consumers changing behavior continues to grow rapidly. In today’s world of digitalization mobile payments plays a vital role in large retail stores to small independent companies. Mobile Payment services are widely used by half the world because things need to get done easily and quickly.

The low-value payment offers an excellent opportunity for mobile payments to gain adoption among consumers. This non- coin-based system makes the consumers very receptive to use the phones to make quick low-value purchases. The major advancement of Mobile Phone Cash Settlement is the quick to transfer of funds and the most convenient option for consumers by having mobile payment is the risk of losing the money is reduced.