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Guest post by: Tariq Mohammed Become an Author

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Many users today trust their mobile more than their bank when it comes to handle money. Mobile payment, also called M-payment or m-payment, is at forefront of this technological innovation, development and establishing this element of trust and security. The improvement of security has seen the use of mobile funds transfer and transactions increase both in quantity of goods and services purchased, as well as value.

Mobile paymentis a new and rapidly-adopting alternative payment method – especially in Asia and Europe. Instead of paying with cash, cheque or credit cards, a consumer can use a mobile phone to pay for a wide range of services or hard goods such as.

• Music, videos, ringtones, online game subscription or items, wallapers and other digital goods.
• Transportation fare (bus, subway or train), parking meters and other services
• Books, magazines, tickets and other hard goods.

Combined market for all types of mobile payments is expected to reach more than $600B globally by 2013

In a world dominated by networked communications, convenience is the key to everything. Mobile money provides a cashless, fast and simple way for your customers to deal with all their financial transactions, from home, office or while travelling around the globe. From phone banking to internet banking and now to mobile payment services, the constantly changing financial services landscape has stepped up to include total solutions to manage money from any location. Mobile financial services are the future, bridging the distance between banks and telecommunications, integrating the sophisticated platforms of mobile phone networks and secure financial systems. Consequently, everyone who makes a payment via their mobile device wants 100% security and safety for each transaction

Mobile payment is developing quickly in recent years and will grow rapidly in the following years. Currently, MNOs (Mobile Network Operator), banks, solution providers, mobile terminal providers and other third parties are participating in the innovation of providing mobile financial service

Mobile Payment solution is typically based on SMS, WAP, WEB, USSD and RFID, operators can develop diversified mobile payment service on one platform to make usage more easier and friendly for subscribers, meanwhile avoiding further investment and difficulties in operation of several platforms so as to reduce operators’ CAPEX and OPEX.

With this solution, subscribers can make payments directly from their mobile phone at their convenience from either a bank account or a mobile wallet for making Credit card payment (consumer to financial institution) Bills (consumer to utility company or service provider) .Mobile business-to-exchange could be used for payments made by retailers to wholesalers for receipt of consumer goods, salary, commission and pension disbursements made by companies and governments to individuals and social benefit distributions from companies and governments to individuals

In developing countries where the majority of the population is unbanked, mobile business-to-exchange can play the role that direct deposits play in industrialized countries

All the stakeholders, mobile phone operators, developers and manufactures of payment systems, regulatory and standardization bodies and services providers are now working together to make the mobile payments a commercial success. They are aware that the market is gaining mass popularity and reaching 'critical' mass. The recent testing of mobile payment technologies at mass scale has increased prospects for mobile payment’s application in more areas and a faster growth in future.

Benefits for Mobile Network Operators

• Added Value to your brand image
• Additional recurrent and constant revenue source
• Greater loyalty and trust from customers
• Strengthen the market share by offering more value added interactive services to customers

Benefits for Mobile Subscribers

• Removes the need to carry ready cash
• The service is available whenever and wherever you need it
• Create convenience through real-time, secure, paperless transaction
• The subscriber can pay for both products and services anytime and anywhere

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