One of the greatest inventions of mankind is "Mobile phone" or "cell phone". This small device evolves and changes its feature and layout so fast that latest bought mobile phone seems old in couple of weeks.
The question of "What you can do with a mobile phone?" can be answered in a long list. Let us not get into that. One of the things that can be done through the Mobile phone is making payments. Payments in restaurant, gas stations, shopping malls, market complex or even bill can be paid using Mobile phones. No wallet or plastic cards are required. May be in next couple of years you will reach out to your phone only when it comes to payment.
So how does the Mobile Payment system works?
The Mobile Payment system works using a combination of technologies and interfaces which runs in the background. A buyer who is paying through mobile phone is not concerned with what went in those 10-20 seconds.
In this post we will understand what actually goes in the background in those 10 – 20 seconds.
The first thing is Mobile phone. The mobile phone is your identity. There are all kinds of mobile phones available globally but not all phones are eligible to do Mobile Payment.
Today’s smart phones come with a built-in technology called "NFC" – Near Field Communication. This technology is similar to Bluetooth. It is a wireless and contact less technology and it gives mobile phones capability to interact with a distance of 4 inches. Using this technology the mobile phones interact with Point of Sale machines. You bring the mobile to the proximity of 4 inches and it can interact with the POS (Point of Sale).
The list of mobile phones for Mobile Payment is available and you can check your mobile and model is among them or not. This list is of all the mobile phones from different manufacturer who are shipping the phone with this technology.
So what is in the mobile phone that initiates the mobile payment process? The answer is Mobile Payment app. There are many Mobile payment apps available on internet and on Google Play store. Google Wallet, ISIS (Google biggest competitor in USA), Square, PayPal, QuickTap, Orange, Apple are some of companies who are offering their Mobile Payment apps online. One needs to download and install the mobile payment app to start using Mobile Payment services.
The mobile payment apps stores the credit card and accounting information. You can store more than one credit card information with your mobile apps and at the time of payment you can select which credit card you want to pay with from your mobile screen.
When you make the payment using Mobile phone the mobile phone uses NFC technology to interact with the POS machines and pass on your identity and banking details. The POS machines then send these details to TSN – Trusted Service Network.
TSN is the gateway which interacts with the payment gateway and authorizes payment to the POS machines. TSN in its background facilitate the entire process of authenticating your banking details with the financial institutions. Once your financial transactions are approved inside the TSN; you are done with the mobile payment and you will receive the confirmation that payment has been done.
Here are some of the videos from YouTube on Mobile Payment that you can go through and enjoy it.
Google Wallet Mobile Payments Video
CIBC Mobile Payment Video
The question of "What you can do with a mobile phone?" can be answered in a long list. Let us not get into that. One of the things that can be done through the Mobile phone is making payments. Payments in restaurant, gas stations, shopping malls, market complex or even bill can be paid using Mobile phones. No wallet or plastic cards are required. May be in next couple of years you will reach out to your phone only when it comes to payment.
So how does the Mobile Payment system works?
The Mobile Payment system works using a combination of technologies and interfaces which runs in the background. A buyer who is paying through mobile phone is not concerned with what went in those 10-20 seconds.
In this post we will understand what actually goes in the background in those 10 – 20 seconds.
The first thing is Mobile phone. The mobile phone is your identity. There are all kinds of mobile phones available globally but not all phones are eligible to do Mobile Payment.
Today’s smart phones come with a built-in technology called "NFC" – Near Field Communication. This technology is similar to Bluetooth. It is a wireless and contact less technology and it gives mobile phones capability to interact with a distance of 4 inches. Using this technology the mobile phones interact with Point of Sale machines. You bring the mobile to the proximity of 4 inches and it can interact with the POS (Point of Sale).
The list of mobile phones for Mobile Payment is available and you can check your mobile and model is among them or not. This list is of all the mobile phones from different manufacturer who are shipping the phone with this technology.
So what is in the mobile phone that initiates the mobile payment process? The answer is Mobile Payment app. There are many Mobile payment apps available on internet and on Google Play store. Google Wallet, ISIS (Google biggest competitor in USA), Square, PayPal, QuickTap, Orange, Apple are some of companies who are offering their Mobile Payment apps online. One needs to download and install the mobile payment app to start using Mobile Payment services.
The mobile payment apps stores the credit card and accounting information. You can store more than one credit card information with your mobile apps and at the time of payment you can select which credit card you want to pay with from your mobile screen.
When you make the payment using Mobile phone the mobile phone uses NFC technology to interact with the POS machines and pass on your identity and banking details. The POS machines then send these details to TSN – Trusted Service Network.
TSN is the gateway which interacts with the payment gateway and authorizes payment to the POS machines. TSN in its background facilitate the entire process of authenticating your banking details with the financial institutions. Once your financial transactions are approved inside the TSN; you are done with the mobile payment and you will receive the confirmation that payment has been done.
Here are some of the videos from YouTube on Mobile Payment that you can go through and enjoy it.
Google Wallet Mobile Payments Video
Disclosure: The Video shown on singhvikash.blogspot.com are available on YouTube.
