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Secure Mobile Payment Service (SEMOPS) is a project for developing a secure, universal electronic payment service, which allows real time payment transactions independently of the type and value of the purchase.
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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 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 or less. NFC offers a low-speed connection through a simple setup that can be used to bootstrap more-capable wireless connections.
Verifone is an American multinational corporation headquartered in Coral Springs, Florida, that provides technology for electronic payment transactions and value-added services at the point-of-sale. Verifone sells merchant-operated, consumer-facing and self-service payment systems to the financial, retail, hospitality, petroleum, government and healthcare industries. The company's products consist of POS electronic payment devices that run its own operating systems, security and encryption software, and certified payment software, and that are designed for both consumer-facing and unattended environments.
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.
A digital wallet, also known as e-wallet, is an electronic device, online service, or software program that allows one party to make electronic transactions with another party bartering digital currency units for goods and services. This can include purchasing items on-line with a computer or using a smartphone to purchase something at a store. Money can be deposited in the digital wallet prior to any transactions or, in other cases, an individual's bank account can be linked to the digital wallet. Users might also have their driver's license, health card, loyalty card(s) and other ID documents stored within the wallet. 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.
Google Pay Send, previously known as Google Wallet, was a peer-to-peer payments service developed by Google before its merger into Google Pay. It allowed people to send and receive money from a mobile device or desktop computer.
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.
Ingenico is a France-based company, whose business is to provide the technology involved in secure electronic transactions. Its traditional business is based on the manufacture of point of sale (POS) payment terminals, but it also includes complete payment software and related services, also software for merchants.
Atom TechnologiesLimited is a payment services provider company, headquartered in Mumbai, India. Atom was started in 2006 as a subsidiary of the Financial Technologies Group, founded by Jignesh Shah.
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.
TagPay is a digital banking platform created by the French company TagPay. This software is used by banks, telecom operators, and other players to offer digital financial services to their clients.
Vocalink is a payment systems company headquartered in the United Kingdom, created in 2007 from the merger between Voca and LINK. It designs, builds and operates the UK payments infrastructure, which underpins the provision of the Bacs payment system and the UK ATM LINK switching platform covering 65,000 ATMs and the UK Faster Payments systems.
Microsoft Pay is a mobile payment and digital wallet service by Microsoft that lets users make payments and store loyalty cards on certain devices. Making payments is currently supported on the Microsoft Edge browser. Microsoft Pay does not require Microsoft Pay-specific contactless payment terminals, and can work with existing contactless terminals if used on mobile devices. Similar to Android Pay, Microsoft Pay utilizes Host card emulation (HCE) for making in-store payments.
Host card emulation (HCE) is the software architecture that provides exact virtual representation of various electronic identity cards using only software. Prior to the HCE architecture, near field communication (NFC) transactions were mainly carried out using secure elements.
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. In India it also supports bill payments.
Comparison of payment systems is a list displaying comparative information and fee rates on various payment systems. Information such as these are compared and shown: seller's/merchant's fees, buyer's fees, banking transfer fees, clearing-house fees, interchange fees, chargeback/return fees, currency conversion fees, monthly fees, usage, verification time, deposit time, technology support, customer-service quality, etc.
MobilePay is a mobile payment application developed by Danske Bank. The service allows payments by means of a smartphone application and was published on May 7, 2013, after Danske Bank discontinued its cooperation with other Danish banks on a common system. It is mainly used in Denmark, but also in Finland. MobilePay was also available in Norway, but shut down in January 2018 due to competition from Vipps. MobilePay is a member of the European Mobile Payment Systems Association. MobilePay is present in Denmark, Finland and Greenland. MobilePay is not available in Faroe Islands.
LG Pay is a mobile payment and digital wallet service by LG Electronics that lets users make payments using compatible phones and in the future are other LG-produced devices. The service supports contactless payments using near-field communications (NFC), but also incorporates wireless magnetic communication that allows contactless payments to be used on payment terminals that only support magnetic stripe and normal contactless cards.
Google Pay is a digital wallet platform and online payment system 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 in the United States and India can also use an iOS device, albeit with limited functionality. In addition to this, the service also supports passes such as coupons, boarding passes, campus ID cards, car keys, event tickets, movie tickets, public transportation tickets, store cards, health records, and loyalty cards.
MobileCoin is a peer-to-peer cryptocurrency developed by MobileCoin Inc., which was founded in 2017 by Josh Goldbard and Shane Glynn. It focuses on transactional anonymity (fungibility), ease of use, transaction speed, low environmental impact and low fees. MobileCoin's mechanics build on Stellar and Monero, using CryptoNote alongside zero-knowledge proofs to hide details of users' transactions.