Mobile Payment (M-payment ) is a type of payment method that uses wireless network to pay for a product or service. Instead of paying with cash or a credit card you can use your mobile phone to pay for a product or a service.
That is, you are saying goodbye to credit cards, cash or cheques and use mobile device to pay for services. You can use your mobile phone to buy movie tickets or soda from a vending machine.
Types of mobile payments:
- Using NFC (Near Field Communication) – Example, Google Wallet is using Citi Master Card to bring NFC Mobile payments
- SMS/Text message based mobile payments
- Direct Mobile Billing
- Mobile web payments (WAP)