A mobile payment, also referred to as mobile money, mobile money transfer and mobile wallet, is any of various payment processing services operated under financial regulations and performed from or via a mobile device, as the cardinal class of digital wallet. Instead of paying with cash, cheque, or credit cards, a consumer can use a payment app on a mobile device to pay for a wide range of services and digital or hard goods. Although the concept of using non-coin-based currency systems has a long history, it is only in the 21st century that the technology to support such systems has become widely available.
Mastercard Inc. is the second-largest payment-processing corporation worldwide. It offers a range of financial services. Its headquarters are in Purchase, New York. Throughout the world, its principal business is to process payments between the banks of merchants and the card-issuing banks or credit unions of the purchasers who use the Mastercard-brand debit, credit and prepaid cards to make purchases. Mastercard has been publicly traded since 2006.
Network for Electronic Transfers, colloquially known as NETS, is a Singaporean electronic payment service provider. Founded in 1985, by a consortium of local banks, it aims to establish the debit network and drive the adoption of electronic payments in Singapore. It is owned by DBS Bank, OCBC Bank and United Overseas Bank (UOB).
Contactless payment systems are credit cards and debit cards, key fobs, smart cards, or other devices, including smartphones and other mobile devices, that use radio-frequency identification (RFID) or near-field communication for making secure payments. The embedded integrated circuit chip and antenna enable consumers to wave their card, fob, or handheld device over a reader at the Point-of-sale terminal. Contactless payments are made in close physical proximity, unlike other types of mobile payments which use broad-area cellular or WiFi networks and do not involve close physical proximity.
The National Payments Corporation of India is an umbrella organization for operating retail payments and settlement systems in India, is an initiative of the Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007, for creating a robust Payment & Settlement Infrastructure in India. It was created by RBI for operating retail payments and settlement systems in India.
A card security code is a series of numbers that, in addition to the bank card number, is printed on a card. The CSC is used as a security feature for card not present transactions, where a personal identification number (PIN) cannot be manually entered by the cardholder. It was instituted to reduce the incidence of credit card fraud.
RuPay(portmanteau of Rupee and Payment) is an Indian multinational financial services and Payment Service System, conceived and launched by the National Payments Corporation of India (NPCI) in 2014. It was created to fulfil the Reserve Bank of India's (RBI) vision of establishing a domestic, open and multilateral system of payments. RuPay facilitates electronic payment at all Indian banks and financial institutions. NPCI maintains ties with Discover Financial, JCB to enable RuPay Card scheme to gain international acceptance.
Immediate Payment Service (IMPS) is an instant payment inter-bank electronic funds transfer system in India. IMPS offers an inter-bank electronic fund transfer service through mobile phones. The service is available 24x7 throughout the year including bank holidays. NEFT was also made available 24x7 from December 2019. RTGS was also made available 24x7 from 14 December 2020.
Apple Wallet, is a digital wallet developed by Apple Inc. and included with iOS and watchOS that allows users to store Wallet passes such as coupons, boarding passes, student ID cards, government ID cards, business credentials, resort passes, car keys, home keys, event tickets, public transportation passes, store cards, and – starting with iOS 8.1 – credit cards, debit cards, and prepaid cards for use via Apple Pay.
Bharat Bill Payment System (BBPS) is an integrated bill payment system in India offering interoperable and accessible bill payment service to customers through a network of agents of registered member as Agent Institutions (AI), enabling multiple payment modes, and providing instant confirmation of payment.
Samsung Pay is a mobile payment and digital wallet service by Samsung Electronics that lets users make payments using compatible phones and other Samsung-produced devices. The service supports contactless payments using near-field communications (NFC), but also supports magnetic strip-only payment terminals by incorporating magnetic secure transmission (MST) in devices released before 2021. In India, it also supports bill payments.
Unified Payments Interface (UPI) is an instant payment system developed by National Payments Corporation of India (NPCI). The interface facilitates inter-bank peer-to-peer (P2P) and person-to-merchant (P2M) transactions. It is used on Mobile devices to instantly transfer funds between two bank Accounts. The mobile number on the device is required to be registered with the bank. The UPI ID of the recipient can be used to transfer money. It runs as an open source application programming interface (API) on top of the Immediate Payment Service (IMPS), and is regulated by the Reserve Bank of India (RBI). Banks have started depositing their UPI-enabled apps on the Google Play store from August 25, 2016. It is considered as one of the most successful payment systems in the world, in terms of number of user adoption, volume of transactions and the number of transactions.
Oxigen Services is an Indian fintech company. It is involved in the micropayment of services and remittances in real time.
National Common Mobility Card(NCMC) is an inter-operable transport card conceived by the Ministry of Housing and Urban Affairs of the Government of India. It was launched on 4 March 2019. The transport card enables the user to pay for travel, toll duties (toll tax), retail shopping and withdraw money.
BHIM is an Indian mobile payment app developed by the National Payments Corporation of India (NPCI), based on the Unified Payments Interface (UPI). Launched on 30 December 2016, it is intended to facilitate e-payments directly through banks and encourage cashless transactions. It was named after Dr Bhimrao Ambedkar.
PhonePe is an Indian digital payments and financial services company headquartered in Bengaluru, Karnataka, India. PhonePe was founded in December 2015, by Sameer Nigam, Rahul Chari and Burzin Engineer. The PhonePe app, based on the Unified Payments Interface (UPI), went live in August 2016.
Paytm Payments Bank 509145261 (PPBL) is an Indian payments bank, founded in 2017 and headquartered in Noida and is part of mobile payment company paytm. In the same year, it received the license to run a payments bank from the Reserve Bank of India and was launched in November 2017. In 2021, the bank received a scheduled bank status from the RBI.
Google Pay is a mobile payment service developed by Google to power in-app, online, and in-person contactless purchases on mobile devices, enabling users to make payments with Android phones, tablets, or watches. Users can authenticate via a PIN, passcode, or biometrics such as 3D face scanning or fingerprint recognition.
QR code payment is a contactless payment method where payment is performed by scanning a QR code from a mobile app. This is an alternative to doing electronic funds transfer at point of sale using a payment terminal. This avoids a lot of the infrastructure traditionally associated with electronic payments such as payment cards, payment networks, payment terminal and merchant accounts.
Google Wallet is a digital wallet platform developed by Google. It is available for the Android, Wear OS, and Fitbit OS operating systems, and was announced on May 11, 2022, at the 2022 Google I/O keynote. It began rolling out on Android smartphones on July 18 while co-existing with the 2020 Google Pay app.
