carrier , which is then transferred to the recipient . SMS payment is quite useful for people without having a smartphone or the Internet .
Near-field Communication ( NFC ) Payment NFC is fundamentally a set of wireless communication protocols that facilitates exchange of data between two NCF enabled electronic devices . Usually , the sender has an NFC enabled smartphone while the receiver has a ‘ Point of Sale ’ ( POS ) 3 payment terminal . NFC payments can cover a distance of 4cm to 10cm , based on the underlying Radio Frequency Identification ( RFID ) technology .
Wireless Application Protocol ( WAP ) Payment In WAP payment or WAP Billing models , the WAP protocol is first utilised for connecting to the Internet ; the payment is then made by simply clicking the URLs or links provided . Consumers are usually charged by the carrier , similar to SMS payment models . Therefore , the users usually do not need to register for this service or authenticate themselves by entering username and password .
Quick Response ( QR ) Code payments The application of QR code in various domains , including mobile payment , is becoming increasingly popular . The QR Code payment is usually integrated with mobile banking apps , mobile wallets , different apps by various providers and stores , etc . In most cases , user ’ s bank details and / or cards require to be associated to the apps ; exceptions are P2P payment via QR codes . If the account holder has a pre-existing balance , perhaps transferred by P2P payment or any other means , association of payment card or bank account is not needed . QR codes can also displayed on desktop-based websites facilitating payment without any data ( beneficiary details ) entry . Thus , as the security features of the buyer ’ s / sender ’ s mobile carriers and apps are utilised instead of those offered by the websites of the merchants / receivers , such a payment model not only eases the overall process but also offers an extra layer of security .
Mobile Wallets Mobile Wallets or Digital Wallets are mainly installed apps on the user devices which incorporate other mobile payment protocols including QR Code and NFC to facilitate the transfer of funds or payment . Apart from payment information , different types of tickets , boarding passes , royalty cards , etc . can also be associated and stored in the Mobile Wallets . Complex encryption mechanism , tokenisation , different authentication techniques such as facerecognition , fingerprint , etc . are combinedly used to tighten the security aspects of Mobile Wallets .
Multi-faceted Social Media Payment Platforms
Mobile payments are now entering into various social media platforms , to facilitate the social media users with P2P fund transfer solutions , such as : Venmo , Google Pay Send ( Google Wallet ), Twitter ( Tweet Purchase and iPayYou ), WeChat Pay , Facebook Messenger , Apple Pay , etc .
Venmo Venmo , a social media platform by Paypal , utilises SMS payment model to facilitate P2P payments amongst users . While pre-registration is not required to initially receive funds , a payee needs to register once she / he receives the payment notification by SMS , in order to retrieve the transferred fund .
Google Pay Send ( Google Wallet ) Google Pay Send , which was formerly known as Google Wallet , is a popular social media payment platform by Google . However , Google Pay Send has now been consolidated with Google Pay . In addition to Google Wallet apps , this service also enables transferring funds via integrated Google services including Gmail . Such integration is a unique benefit offered by the Google Pay Send , compared with its counterparts . Interestingly , any user already having a Gmail ( email ) account has intrinsically signed up for Google Pay Send .
3 Crowe , Marianne & Rysman , Marc & Stavins , Joanna . ( 2010 ). Mobile Payments at the Retail Point of Sale in the United States : Prospects for Adoption . Review of Network Economics . 9 . 2-2 . 10.2202 / 1446-9022.1236 .
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