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.
Near-field communication (NFC) is a set of communication protocols that enables communication between two electronic devices over a distance of 4 cm (1.57 in) or less. NFC offers a low-speed connection through a simple setup that can be used to bootstrap more capable wireless connections. Like other "proximity card" technologies, NFC is based on inductive coupling between two antennas present on NFC-enabled devices—for example a smartphone and a printer—communicating in one or both directions, using a frequency of 13.56 MHz in the globally available unlicensed radio frequency ISM band using the ISO/IEC 18000-3 air interface standard at data rates ranging from 106 to 848 kbit/s.
Online banking, also known as internet banking, virtual banking, web banking or home banking, is a system that enables customers of a bank or other financial institution to conduct a range of financial transactions through the financial institution's website or mobile app. Since the early 2000s this has become the most common way that customers access their bank accounts.
President's Choice Financial, commonly shortened to PC Financial, is the financial service brand of the Canadian supermarket chain Loblaw Companies.
Fiserv, Inc. is an American multinational company headquartered in Brookfield, Wisconsin, that provides financial technology services to clients across the financial services sector, including banks, thrifts, credit unions, securities broker dealers, mortgage, insurance, leasing and finance companies, and retailers.
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.
The term mobile commerce was originally coined in 1997 by Kevin Duffey at the launch of the Global Mobile Commerce Forum, to mean "the delivery of electronic commerce capabilities directly into the consumer’s hand, anywhere, via wireless technology." Many choose to think of Mobile Commerce as meaning "a retail outlet in your customer’s pocket."
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 Africa 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 M-PESA, a mobile banking SMS-based service.
Mobile identity is a development of online authentication and digital signatures, where the SIM card of one's mobile phone works as an identity tool. Mobile identity enables legally binding authentication and transaction signing for online banking, payment confirmation, corporate services, and consuming online content. The user's certificates are maintained on the telecom operator's SIM card and in order to use them, the user has to enter a personal, secret PIN code. When using mobile identity, no separate card reader is needed, as the phone itself already performs both functions.
PayMate is a business-to-business (B2B) digital and financial services company headquartered in Mumbai.
M-PESA is a mobile phone-based money transfer service, payments and micro-financing service, launched in 2007 by Vodafone and Safaricom, the largest mobile network operator in Kenya. It has since expanded to Tanzania, Mozambique, DRC, Lesotho, Ghana, Egypt, Afghanistan,South Africa and Ethiopia. The rollouts in India, Romania, and Albania were terminated amid low market uptake. M-PESA allows users to deposit, withdraw, transfer money, pay for goods and services, access credit and savings, all with a mobile device.
BPAY,, is an Australian electronic bill payment SaaS company which facilitates payments made through a financial institution's online, mobile or telephone banking facility to organisations which are registered BPAY billers.
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.
JVL Ventures, LLC d/b/a Softcard, was a joint venture between AT&T, T-Mobile and Verizon which produced a mobile payments platform known as Softcard, which used near-field communication (NFC) technology to allow users to pay for items at stores and restaurants with credit and debit card credentials stored on their smartphones. The partnership was first announced on November 16, 2010; following a trial period in 2012, the service officially launched nationwide on November 14, 2013. The official Softcard app was available for NFC-compatible smartphones using the Android operating system and later on Windows Phone 8.1.
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.
Near Sound Data Transfer (NSDT) is a sound-based mobile transaction technology developed and patented by Tagattitude since 2005. NSDT uses a one time password sent through the audio channel of a mobile device to create an electronic signature enabling secure transactions. The technology uses a phone's audio input and output functionality and thus is compatible with mobile phones in use worldwide.
FreedomPay is a company that provides payment platform as a service. It 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 food service industry.
Auka is a Norwegian, VC-backed financial technology company. Its PSD2 compliant technology platform enables banks to issue white label mobile payments products to their private and merchant customers.
A neobank is a type of direct bank that operates exclusively using online banking without traditional physical branch networks that challenge traditional banks.
TymeBank is an exclusively digital bank based in South Africa, aimed at the lower income market.
