Talk in details...What are mobile payments?What impact have they had on cash and cheeks in the...

Talk in details...What are mobile payments?What impact have they had on cash and cheeks in the last 25 years? What impact you think they will have in next 25 years? (Use statistical information)

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Expert Solution

Mobile payment method is the method in which the payments are done by using the mobile transactions.and it is increasing day by day since it saves time,easier to use and secure in nature .The mobile payment are also known as,

Mobile money
Mobile money transfer
Mobile wallet

By using a mobile we can pay for a wide range of services which includes digital or hardgoods instead of paying with the cheque,cash or credit cards. The first mobile payment system was introduced in 2000 . In the year of 2008 ,there arises the combined market of all types of mobile payments and it reach about 600 billion dollars by the year of 2013. The technology of mobile payments increased with the years. The important benefits of mobile payments are,

It paves market for goods and services without contactless payments using NFC,(NFC stands for near field communication)
Money transfering using mobile payments are very easier but in earlier times it is very difficult with the terms and conditions and is time consuming.
Paying through mobile is beneficial as it provides many rewards instead of payment using cheque,credit cards etc

As per the European council, the mobile payment technology solution will paves a direct improvement to the operation efficiency which will results in the cost savings and exacerbates business volume.

Rahul Sunny answered 1 year ago

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