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Tuesday, 5 July 2011

How can you trust on Mobile Payment procedure?

Tuesday, 5 July 2011
Mobile payment which is also known Mobile Wallet has been introduced as a substitute method of making payments. You can purchase most likely everything such as music videos, ring-tones, online books, magazines, tickets, digital goods etc., acquiring its famous models of making payments such as, The best SMS based transactional payment, direct mobile billing, Mobile Web payment (WAP), contact less  NFC (Near Field communication) and rising model direct carrier or bank cooperation. Another method which is known ‘Peer-to-Peer’ in which payment service provider financial institutions perform independently and mobile network operators are involved in making mobile payments.

Mobile payment has already got a significant boost in various parts of the Europe and Asia. It has also occupied almost the whole life of every adult American. Because of its growing features one can send text messages, check e-mails, surf the Web, manage bank accounts and purchase goods.  The banks like Bank of America and Chase have built up smart-phone app adding web browsers on mobile devices and tablets consequently it has become easier for consumers to make online shopping without using computer’s desktop. 

According the latest study of Aite Group in 2010 mobile phone payment has touched the huge figure of $16 billion and they expect that this figure will reach up to $216 billion by the end of 2015. According to the PayPal sources about $3 billion in mobile device payment which possessed by eBay have been made in 2011 as compared to the last year about $2 billion.   

Although the transactional mode of payment have been acknowledged ‘authentic’ but with the passage of time it is being replaced with mobile web payments (WAP) due to of several loopholes in transactional method were existed - such as poor consistency, slower speed, higher costs, security risks etc while the Mobile payment method is getting popularity because of the following features:

 Easy to use: Its transactions are completed just within 10 seconds.

Convenient:  No pre-registration or new mobile software is needed. 

Security: Two aspects confirmation and risk management engine checks scam.

Verified: Almost 70% of all digital content are acquired online in different parts of Asia using the Direct Mobile Billing methods.

Some online companies like PayPal, Amazon Payments and Google Checkout have already been given the mobile payment option. First time a user have to take registration by inputs their phone number, the provider sends a message along with PIN code. The user enters the PIN code for verifying the number and the user can inputs their credit card information if his account is not existed and authorizes payments. For further payments the user has to enter his PIN for confirmation.
Though mobile payment network is safe and secure however the through the following cautions you can bring further improvement.
Only use public Wi-Fi accounts that you are considered easier while making mobile payment on are those that are your personal and secure like your home or office account. According to the experts that using a mobile device for purchasing or checking account balance while connecting with Wi-Fi account your personal data could be disclosed with third party.
Select those websites that are reliable for shopping after examining address bar at the upper portion of the page and look if the URL has an image of lock next to it, which is showed that the site is safe and authentic. If you are trying to make shopping through smart-phone, this picture will not be appeared even though the site is safe and secure. You can examine the site when you observe at the URL and see it illustrates ‘https’ instead of only ‘http’ which explains that the site is adequately encrypted.

Besides selecting the authentic website you should also evaluate the apps that you have downloaded also because they may good finish up asking for your credit card information. Also there is not better housekeeping seal of sanctioning body for mobile applications and most of the apps have been built up by established firms instead of famous brands. You can find out vet apps in Lookout Mobile Security – a free app existed on the BlackBerry and Android phones, which evaluates virus’s applications, malware and spyware. Further it is better choice to read through the analyses of given app to look if other users have had any trouble.
Furthermore experts thinks that the internet connection on cell phone are commonly secure, in spite of this you have to make sure some important cautions for making trade transactions on a mobile phone. So before you move your mobile phone into a credit card make sure to keep above points remembered. 


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