Business consultancy project

Mobile Payment

M-Payment is a service of money transactions using their mobile devices through an application or by sending a text message. This technology handles different payments, including credit, debit, and prepaid cards and nonbank payments through Apple, Samsung, Google Wallet, and PayPal. While installing the mobile payment through smartphone consumer can make a payment by loading credit or debit card information onto mobile devices or choose the nonbank accounts. (Mobile Payments, 2016)
The growing popularity of mobile payments encourages the further innovation of MFS through advanced digitalization tools. The payments, which are made by mobile phones, provide more convenience for consumers and eliminate the transaction cost and increase the security of electronic payment. It sustains the purchase of good and services and money transfers through different types.

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  Person to person
  
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  Person to business
  
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  Government to person
  

Mobile money person to person function enables transferring of money between two account holders through mobile communication services. The money is converted from cash to the mobile money transferred the account to the other person where a receiver can convert the mobile money to the physical currency.
Mobile payment can also be used in the payment of different goods and services, for example, for paying bills, electricity, water company or mobile usage bill.
Mobile payments also include ‘bulk payments,’ which are made by a business or government to persons (G2P), for example, salary and social transfer to individuals.
Generally, mobile payments simplify the transaction process both for individuals and businesses. Consumers do not need to spend time for visiting a bank or attending any payment points for transferring money or paying utility bills. At the same time, the additional work is simplified for business as well when making a payment for a group of people. (Mas & Almazan, 2014)
Nevertheless, for facilitating the mobile payments process the required infrastructure and technological excellence should be provided by financial and mobile communication service providers. Like any financial transaction, mobile payment services require the high-security level. Mobile payment services contain the well-constructed authentication infrastructure. (Raina, 2014). For the elimination of any fraud action, the data is being protected from an unauthorized user and keep the confidentiality between client and service provider. The payment request is being created by mobile devices and sent to the remote machine, and the process completion notification message is being sent back to the client device. Meanwhile, nowadays, smartphones simplify security control by handling different authentication credentials like passwords, PIN codes, and biometric identities like fingerprints. (Desta, 2012)
Based on the characteristic of mobile payment, there are different technological tools for the implementation of the payment.

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