Examined Several Payment Options And Highlighted The Advantages And Disadvantages Of Each Based On A Number Of Criteria

Abstract

The game-changing feature in mobile commerce is mobile payment. We categorize the payment options based on a number of criteria, evaluate each one, and highlight its advantages and disadvantages. Mobile payment services have become more prevalent in people's lives as a type of mobile data service. Its primary concentration is on the telecom service provider industry. Radio Frequency Identification (RFID) is a transaction solution used prior to the mobile payment system [4]. In many markets, cash payments remain the norm, making up over 90% of transactions in nearly all developing nations. Using devices other than landline phones is a smart
idea and seems normal in this day and age. For many users, easily movable phones have evolved into a constant companion, providing much more than just news. We explore multiple proposed models of the mobile payment system (MPS), their technologies and comparisons, payment methods, different security mechanisms involved in MPS, and provide analysis of the encryption technologies, authentication methods, and firewall in MPS. We also identify current challenges and future directions of mobile phone security.
Smartphone instead of cash: Mobile phones companies, network operators and financial institution promise themselves to make phones capable for money exchange. As per a study expansion of mobile devices in upcoming years will increase significantly. Through this paper we will discuss how software system handles the payment process by the usage of mobile devices and the payment servers.
Wireless communication is making a big impact to daily life. The swift advance of wireless networking, communication, and mobile technology is make huge impact. The significant increase of mobile device users in the recent years causes a strong demand on secured wireless network and reliable mobile commerce application. Since mobile is critical part of most wireless information services and application.