Vodafone has unveiled the next ‘revolution’ in smartphones that will see shoppers use their handsets instead of cash or cards at the checkout.
The mobile phone giant's partnership with Visa will allow users to pay for goods or services from the autumn with a wave or tap of their smartphone - in the same way Oyster cards are used on London's public transport.
The service, which acts as a mobile wallet, will be available on Near Field Communications-enabled smartphones using a form of mobile payment technology called Visa payWave mobile.
Mobile Payments – 2010 : A market analysis and overview
Summary
Mobile payments are a hot topic in financial, telecommunication and technology circles right now. However, professionals across these industries have not yet come to a clear and mutually agreed definition and classification of mobile payments. This lack of agreement and specifically the bundling of payments with other processes such as ordering and
delivery creates confusion and slows the development in this field. In this section a proposal is made to view payments separately from other functions that can be performed with the mobile device. Additionally a simple classification of mobile payments by location and funding method is offered..
The objective of the guidelines is to promote a sound financial structure including payment systems, clearing systems and adequate financial services. Therefore both entry and exit from the payment system by the mobile financial payment service providers shall require prior written approval of the Reserve Bank of Malawi.
The paper depicts the current mobile payments ecosystem in the U.S.; discusses barriers, gaps, and opportunities; and sets forth a set of foundational elements that workgroup participants believe are fundamental to the development of a robust mobile payments environment. This “vision” for the future is built upon the recognition that the current environment faces many challenges and that success will require extensive collaboration between participants to ensure that consumers see a homogenous solution as they do today in other payment channels such as checks, ACH, and cards. Moreover, it must be a solution based on agreed upon standards, rules, and practices that ensure seamless interoperability regardless of the handset, mobile carrier, financial institution, payment network, or merchant location involved in any individual’s desired transaction.
Author(s)
Federal Reserve Bank of Boston and Federal Reserve Bank of Atlanta
