Articles about Mobile Payments

Mobile and digital payment systems may be on the rise but according to a new report eight out of 10 consumers still have doubts about the technology.

The Future of Retail report from PR company Walker Sands points to a major player being able to take the lead in digital payments if they’re able to connect with what consumers want.

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Google Wallet far predates Apple Pay, but even with the head start, the Android-owner has failed to impact the mobile-payment market. Meanwhile, the fruit-logo company has made a serious dent, gaining the support of many partners. Even in popular culture, Apple Pay is featured in many TV commercials, while the average consumer probably has no idea what Google Wallet even is.

Today this changes, as Google announces a strategic agreement with AT&T, Verizon and T-Mobile to pre-load Wallet on all Android handsets. Clearly, this is a declaration of war against Apple Pay, but can Google realistically win?

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Sources indicate that Samsung is lining up its own mobile payments service to launch next year.

ReCode reports that the South Korean firm is in discussions with a payments startup called LoopPay to develop a system that doesn’t require retailers to install any additional hardware.

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According to figures from Grand View Research the mobile wallet market is set to reach more than 1,400 million users by 2020.

But a new report by customer engagement specialist PunchTab shows that so far mobile payments are still the preserve of the early adopter.

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The focus of Apple's event today was the iPhone 6, iPhone 6 Plus, and the Apple Watch, but one of the more understated stars of the show was Apple Pay. This is not hardware, but a new mobile payment platform which Apple is billing as "your wallet, without the wallet". It works in conjunction with the new handsets to provide a new means of contactless payment and it supports credit and debit cards from American Express, MasterCard and Visa. There's backing from the likes of Wells Fargo, Bank of America, and Capital One Bank, and users need to just add their credit or debit card to their iTunes Store account to start paying for goods and services with their phone -- or Apple Watch.

A number of big names have already jumped on the Apple Pay bandwagon, including McDonald's, Staples, Disney Store, and Whole Foods Market, as well as the 258 US Apple stores. Apple Pay can also be used in the App Store as well as more than 220,000 locations that support contactless payment. In addition to the benefits of contactless payment, Apple is really pushing the security aspects of Apple Pay. Eddy Cue, Apple's senior vice president of Internet Software and Services says:

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For many people across the globe making payments using their smartphones remains a thing of the future. Unlike credit and debit cards, for which there exist compatible devices in lots of locations to facilitate purchases, mobile payments require retailers to install new gadgets and smartphone owners to use special apps, which have to be supported by their bank and/or mobile operator of choice. It is a mess, really, at this point, as I have found out while trying to enable such a feature on my smartphone.

Mobile payments are easier to enable on smartphones which have NFC or a microSD card slot, and trickier to offer on handsets that do not. In the latter scenario, a case is needed in order for the feature to work. Luckily, for iPhone users on Verizon such an accessory and dedicated app are now available.

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When I need to make a payment or send money to someone, I use a bank app on my smartphone. It’s quick and easy, and I can check my balance beforehand to make sure I’ve got enough cash in my account. The app does require me to know the other person’s bank details though, and so isn’t particularly handy for making swift payments to just anyone.

Fortunately the Payments Council is working on a project that will make it possible for anyone living in the UK to send secure payments via text message. You won’t need to worry about account numbers or sort codes -- all you’ll need is the recipient’s mobile number.

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CyanogenMod 9.1 and NFC payments -- curious already? The CyanogenMod team has announced a joint partnership with SimplyTapp to offer Near Field Communication payments for the Android modding community along with their latest custom ROM, CyanogenMod 9.1. The NFC app is named Tapp!, and it is offered as a separate download to the popular CM ROM.

SimplyTapp is founded by Doug and Ted, two "CM enthusiasts" that have contributed towards extending the NFC capabilities as well as to the development of CyanogenMod. So how does it work?

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Credit and debit cards haven’t evolved much since their introduction. The principle behind any payment card is the same now as it was 50 years ago. You pay with a plastic card, which is the opposite of technology evolution. It’s something that’s a given in our lives: we can’t live without one. But can we?

The residents of the old Continent, Europe, are still reluctant to let go of cash, as 57 percent of all purchases are still paid the old fashioned way. Credit cards can’t change that, and it looks like nothing can that’s already on the market. The solution to this problem? An entirely new technology, near field communications.

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Google is set Thursday to debut its anticipated mobile payments system based on near-field communication (NFC) technology built into modern Android smartphones. It is expected that the search company will partner with Sprint to offer the service.

Such a move will put the carrier ahead of its three biggest rivals, who teamed up last year on a service called Isis. However that service is not expected to be available until 2012, leaving an opening for a competitor to stake its claim in a nascent market.

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Verizon Wireless has partnered with mobile payment service Obopay to give its customers the option of using their phones as payment devices.

The service runs as an application on phones that support BREW. After downloading, customers register for an account through the phone or via Verizon Wireless' Web site, and can invite their friends to join as well.

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