Smartphones are a class of mobile phones and of multi-purpose mobile computing devices. They are distinguished from feature phones by their stronger hardware capabilities and extensive mobile operating systems, which facilitate wider software, internet, and multimedia functionality, alongside core phone functions such as voice calls and text messaging. Smartphones typically include various sensors that can be leveraged by their software, such as a magnetometer, proximity sensors, barometer, gyroscope and accelerometer, and support wireless communications protocols such as Bluetooth, Wi-Fi, and satellite navigation.
Mobile payment generally refer to payment services operated under financial regulation and performed from or via a mobile device. Instead of paying with cash, cheque, or credit cards, a consumer can use a mobile 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 recently that the technology to support such systems has become widely available.
Mobile banking is a service provided by a bank or other financial institution that allows its customers to conduct financial transactions remotely using a mobile device such as a smartphone or tablet. Unlike the related internet banking it uses software, usually called an app, provided by the financial institution for the purpose. Mobile banking is usually available on a 24-hour basis. Some financial institutions have restrictions on which accounts may be accessed through mobile banking, as well as a limit on the amount that can be transacted. Mobile banking is dependent on the availability of an internet or data connection to the mobile device.
Safaricom PLC is a listed Kenyan mobile network operator headquartered at Safaricom House in Nairobi, Kenya. It is the largest telecommunications provider in Kenya, and one of the most profitable companies in the East and Central African region. The company offers mobile telephony, mobile money transfer, consumer electronics, ecommerce, cloud computing, data, music streaming, and fibre optic services. It is most renowned as the home of MPESA, a mobile banking SMS-based service.
A digital wallet refers to an electronic device or online service that allows an individual to make electronic transactions. This can include purchasing items on-line with a computer or using a smartphone to purchase something at a store. An individual's bank account can also be linked to the digital wallet. They might also have their driver's license, health card, loyalty card(s) and other ID documents stored on the phone. The credentials can be passed to a merchant's terminal wirelessly via near field communication (NFC). Increasingly, digital wallets are being made not just for basic financial transactions but to also authenticate the holder's credentials. For example, a digital wallet could verify the age of the buyer to the store while purchasing alcohol. The system has already gained popularity in Japan, where digital wallets are known as "wallet mobiles". A cryptocurrency wallet is a digital wallet where private keys are stored for cryptocurrencies like bitcoin.
Myriad Group is a Swiss software company in the mobile communications sector. Myriad delivers consumer applications, social media and messaging solutions, and embedded software to OEM's, mobile operators and pay TV providers. Myriad operates through three product divisions - Versy, Myriad Connect and Device Solutions.
M-Pesa is a mobile phone-based money transfer, financing and microfinancing service, launched in 2007 by Vodafone for Safaricom and Vodacom, the largest mobile network operators in Kenya and Tanzania. It has since expanded to Afghanistan, South Africa, India and in 2014 to Romania and in 2015 to Albania. M-Pesa allows users to deposit, withdraw, transfer money and pay for goods and services easily with a mobile device.
Spice Digital Limited is an Indian telecommunications company headquartered in Noida, India, a subsidiary of Spice Connect. The company specializes in Mobile Value Added Services, along with Telco Solutions, enterprise solutions, financial technology, GST Suvidha Provider (GSP), and digital transformation products and services.
ForgetMeNot Software is a mobile communications technology company. Founded in 2004 as a software developer for mobile appointment service reminders, the company quickly evolved into a specialist software as a service company for the mobile communications industry. ForgetMeNot specialises in unified messaging for mobile telecoms providers, enabling them to provide message applications such as Instant Messaging (IM), email and SMS to their customers on their existing handheld devices, without needing a Smartphone.
Mobile payments is a mode of payment using mobile phones. Instead of using methods like cash, cheque, and credit card, a customer can use a mobile phone to transfer money or to pay for goods and services. A customer can transfer money or pay for goods and services by sending an SMS, using a Java application over GPRS, a WAP service, over IVR or other mobile communication technologies. In India, this service is bank-led. Customers wishing to avail themselves of this service will have to register with banks which provide this service. Currently, this service is being offered by several major banks and is expected to grow further. Mobile Payment Forum of India (MPFI) is the umbrella organisation which is responsible for deploying mobile payments in India.
Lucideus is an Enterprise Cyber Security platforms company incubated from IIT Bombay and backed by Cisco's former Chairman and CEO John Chambers. It protects multiple Fortune 500 companies and governments around the world. The name Lucideus is derived from Lucifer (Satan) and Deus (God) as they are in the business of hacking for good.
FreedomPay was founded in 2000 and is currently located in Philadelphia, Pennsylvania. In early 2000, FreedomPay launched mobile payment "proof of concepts" with enterprises such as McDonald's, Bank of America and Visa. Later in 2004, FreedomPay delivered a closed loop payment system for stored value and voucher systems to the markets in the food service industry.
Unified Payments Interface (UPI) is an instant real-time payment system developed by National Payments Corporation of India facilitating inter-bank transactions. The interface is regulated by the Reserve Bank of India and works by instantly transferring funds between two bank accounts on a mobile platform.
Oxigen Services India Pvt. Ltd., an ISO 9001:2008 certified FinTech company, is one of the major payment solutions providers in India. It is involved in micropayment of services and remittances in real time. The company was started in 2004 by an alumnus of IIT Roorkee with the help of Blue Label Telecom, and the company was listed on the South African Stock Exchange.
BHIM is a mobile payment app developed by the National Payments Corporation of India (NPCI), based on the Unified Payments Interface (UPI). It was launched by Prime Minister Narendra Modi at the DigiDhan Mela at Talkatora Stadium in New Delhi on 30 December 2016. It was named after B. R. Ambedkar and is intended to facilitate e-payments directly through banks as part of the 2016 Indian banknote demonetisation and drive towards cashless transactions.
India Stack refers to the ambitious and controversial project of creating a unified software platform to bring India's population into the digital age. Its website describes its mission thus: "India Stack is a set of APIs that allows governments, businesses, startups and developers to utilize an unique digital Infrastructure to solve India’s hard problems towards presence-less, paperless, and cashless service delivery" Of the four "distinct technology layers" mentioned on the same page, the first, the "Presenceless Layer" is the most controversial as it involves storing biometric data such as fingerprints for every citizen. Since such markers are widely being adopted to enable cashless payment, the issue arises of fraudulent use of biometrics. Whereas one can change a PIN which has been disclosed, one can't change one's fingerprints. The other layers are the Paperless Layer, which enables personal records to be associated with one's online identity; the Cashless Layer, a single interface to all national banks and online wallets; and the Consent Layer, which aims to maintain security and control of personal data.
BharatQR, developed by NPCI, Mastercard, and Visa, is an integrated payment system in India. The system, which was launched in September 2016, facilitates users to transfer their money from one source to another. The money transferred through BharatQR is received directly in the user's linked bank account. It provides a common interface for American Express, Visa, Mastercard, and RuPay cards. As opposed to other such systems, used by private companies and banks, BharatQR is interoperable with all the banks. Currently, BharatQR is supported on Android and iOS devices.
umang app or Unified Mobile Application for New-age Governance, is a Government of India all-in-one single unified secure multi-channel multi-platform multi-lingual multi-service freeware mobile app for accessing over 1,200 central and state government services in multiple Indian languages over Android, iOS, Windows and services such as AADHAR, DigiLocker, Bharat Bill Payment System, PAN, EPFO services, PMKVY services, AICTE, CBSE, tax and fee or utilities bills payments, education, job search, tax, business, health, agriculture, travel, birth certificates, e-District, passport and much more. This a key component of Digital India government initiative to make all traditional offline government services available 24/7 online through single unified app. App is initially available in 13 language and will replace or compliment 1500 apps launched by the government so far. Progressively more services will be brought online. This e-Gov service can be accessed via multiple channels, such as mobile app, IVR, website, etc. User numbers will be boosted by the roll out of BharatNet. Users can Create and update Profile, Sort & Filter through categories and services, or search to access relevant services while on the move.
YONO is an integrated digital banking platform offered by State Bank of India (SBI) to enable users to access a variety of financial and other services such as taxi bookings, online shopping, or medical bill payments. YONO is offered as a smartphone app for both Android and iOS.
