Commerce on the Go: Mobile Payment Systems and Solutions

Nov. 10, 2008 - PRLog -- Mobile payment systems have been developed in recent years to facilitate purchases of products, services, and content in mobile and electronic commerce and at physical points of sale. This study focuses on understanding and explaining the adoption of mobile payments by the two main adopter groups - consumers and merchants.

Mobile payments have been implemented with a number of ways using different technical and business models. This report deals with the essential issues, technical aspects of the most interesting solutions are covered and analyzed with a focus on their suitability for use. The acceptance of mobile payment procedures depends on many factors including usability, costs, security and convenience issues.

Despite the predicted success of mobile payments, the market remains immature in most countries. This can be explained by a number of technical and business issues. Mobile technology environments are becoming more complex, uncertain, and disruptive. This report helps the reader navigate these issues.

Target Audience

Mobile Network Operators

Mobile Payment Service Providers

Mobile Software Developers

Mobile Security Specialists

Mobile Web Applications Developers.

State/Federal Finance Professionals

Companies Evaluated in Report

BITWALLET INC.
FUJITSU
MOREMAGIC
OBOPAY
TEXT PAYME
PAY BY TOUCH
PAYWI
PAYPAL
SMARTPAY
VIVOTECH

Selected Findings

Mobile payments can provide cost savings, improved cash forecasting, and straight-through processing.

Edy from BitWallet is the market leader, accepted in more than 71,000 convenience stores, bookshops, and coffee chains as well as at vending machines.

MoreMagic's product range enables dynamic pricing and payment of a wide variety of network services and applications over all 2G, 2.5G, and 3G networks.

TextPayMe service is now powered by Amazon Payments. This new service allows user to send and receive money through both the mobile phone and the TextPayMe website.

Pay-By-Touch was a privately held company which enabled consumers to pay for goods and services with a swipe of their finger on a biometric sensor.

SmartPay provides remote payment services in China under the brand name ''Jieyin''.


 


Table of Contents :-

Abstract
Introducing Mobile Payments
Introduction
Dedication
Definition of Mobile Payment
Who Is Using Mobile Payment
Market Drivers
Requirement of Mobile Payment.
Challenges.
Standards.
Business Models.
Regulatory Issues.
Current Technology.
Mobile Payment Characteristics
Simplicity and Usability
Universality
Interoperability
Cost
Speed.
Security, Privacy and Trust
Cross Border Payments
A Generic Architecture for Mobile Payments
Short Message Service (SMS)
Unstructured Supplementary Services Delivery (USSD)
WAP/GPRS
NFC
Mobile Payment: Standards and Methods
Open Financial Exchange (OFX)
GOLD
Overview
The International Gold Community
GoldGrams
Standard Gold
Interactive Financial Exchange (IFX)
RFID
Overview
How does RFID work?
RFID Standardization
eCheck
STEP 1 - Select a Service
STEP 2 - Enter Information
STEP 3 - Accept Terms
STEP 4 - Complete Details
STEP 5 - Confirm Details
STEP 6 - Digital Receipt
Bio-Metrics
Overview
Bio- Metric Module
(National Automated Clearing House Association) NACHA
Financial Services Technology Consortium (FSTC)
Bank Internet Payment System (BIPS)
Internet Keyed Payment Protocols (IKP)
OpenSSL
Overview
The SSL Protocol
Overview
SSL Server Authentication
SSL Client Authentication
An Encrypted SSL Connection
Ciphers Used with SSL
The SSL Handshake
Short Message Service (SMS)
Secure Electronic Transaction (SET)
Overview
Technology
Smart Cards
Overview
Smart Card Standards
Types of Chip Cards
Contact Cards
Card Function Trade-Offs
Memory Cards
Straight Memory Cards
Protected / Segmented Memory Cards
Stored Value Memory Cards
CPU/MPU Microprocessor Multifunction Cards
Contactless Cards
Combination Cards
Operating Systems
Fixed File Structure
Dynamic Application System
Categories of Smart Cards
Integrated Circuit (IC) Microprocessor Cards
IC Memory Cards
Optical Memory Cards
SIM.
STK
Java Card
Mobile Payment Solutions
Overview
Credit Card Based M-Payment
Mobile Payment Process
Data Collection
Use of Mediation Solutions
Mobile Payment Technologies
Biller Direct Model
E-Mail Billing Model
Consolidator Alternatives
Thick Consolidator Model
Thin Consolidator Model
Consumer-Centric Aggregation
Use of Portals
Service Bureau
Reasons to Outsource to a Service Bureau
Focus on core business opportunities/issues
Reduce Operating Costs
Conserve Capital
Speed to Market
Future-proof Services
Create a Variable Cost Structure
Application Service Provider
Invited Pull
Comparison of Business Models
Around-the-clock Availability
Easy User Interfaces
Easy and Direct Access to Historical Billing Data
Bill and Transaction Search Capabilities
Information Management
Multi-channel Bill Presentment
Multiple Payment Options
Consolidated Payment File
Tightly-integrated Bill Presentment and Payment
Exact Replicas of Printed Bills
Customized Email Notifications
Exception Handling of Email Notifications
Automated Enrollment
Integrated Customer Service
Mobile Payment Provider
BitWallet Inc
Overview
Fujitsu
Overview
MoreMagic
Overview
Obopay
Overview
Obopay Mobile Payment Transactions
Standard Obopay Fees
Obopay Prepaid MasterCard
Text PayMe
Overview
Pay by Touch
Overview
PayWi
Overview
PayPal
Overview
Fees.
SmartPay
Overview
ViVOtech.
The Future of Smart Payments
The Future of Money
Conclusion
References

List of Figures

Figure 1 - A Generic Model for M-Payments Application
Figure 2 - RFID
Figure 3 - How biometrics is ideally fitted in mobile payment
Figure 4 - IKP
Figure 5 - SSL Protocol
Figure 6 - Biller-Direct.
Figure 7 - Consolidator/ Aggregator.
Figure 8 - Application Service Provider.
Figure 9 - Paypal MobileService

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