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 codeusing 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
iBeacontechnology 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
P2Ppayments – 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
- 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 SMSor MMS
- Direct carrier billing
- Pay using SMS –
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.