Mobile Payment is combination of technologies. These technologies include Mobile Wallet providers, Mobile Technology providers, Banking, Software and Hardware providers.
Mobile Wallet is the technology which runs on the Mobile devices or Smart phones that we carry every day. Mobile Wallet is a mobile app which either comes pre-loaded on a brand new phone or consumers have to download it from the service provider. Google Wallet, Square Wallet, LevelUp are some of the examples of leading Mobile wallet providers. A consumer can download these apps from internet on his mobile phone.
These Mobile wallets can store credit card, pre-paid card or virtual card information. They also store the Offers, receipts, loyalty points, transaction histories information. Once you store the card and accounting information the Mobile wallets usually check and validate this with the financial institutions or card issuer companies.
Mobile phones use either NFC (Near Field Communication) or QR Code (Quick Response code) or GeoFencing or some other form of technologies to communicate with the Point of Sale machines of merchants or retailers. POS machines have software’s or card readers which interact with the mobile phones or mobile wallets.
Mobile phones that are coming with NFC enabled technology have a special designated area which is use to store credit card and accounting information. This Special area is not accessible to store regular phone data such as text, video, photo etc.
Some of the technology providers use cloud to store your credit and banking related details
Here are some of the interesting videos from YouTube on Mobile Wallet that you can enjoy and get yourself educated on this subject.
QR Codes: What They Are and How to Use Them
What is Google Wallet
Mobile Wallet is the technology which runs on the Mobile devices or Smart phones that we carry every day. Mobile Wallet is a mobile app which either comes pre-loaded on a brand new phone or consumers have to download it from the service provider. Google Wallet, Square Wallet, LevelUp are some of the examples of leading Mobile wallet providers. A consumer can download these apps from internet on his mobile phone.
These Mobile wallets can store credit card, pre-paid card or virtual card information. They also store the Offers, receipts, loyalty points, transaction histories information. Once you store the card and accounting information the Mobile wallets usually check and validate this with the financial institutions or card issuer companies.
Some of the technology providers use cloud to store your credit and banking related details
Here are some of the interesting videos from YouTube on Mobile Wallet that you can enjoy and get yourself educated on this subject.
QR Codes: What They Are and How to Use Them
What is Google Wallet
Disclosure: The Video shown on singhvikash.blogspot.com are available on YouTube.
