The Background to Mobile Payment Technology - Essay Example

In this report, I will present a detailed analysis of the implementation of mobile payment technology for the HMV. Here in this report, I will outline the major qualities and efficiency of this technology incorporation for online music, DVD/Video, Computer Games, and Related Products payment.
HMV is a leading online music, DVD/Video, Computer Games, and Related Products retailer in the UK and Ireland. They want to incorporate this new technology for better business management and online payment handling.
As technology progress, the need for innovation is always felt in all business. This gave the company a competitive edge for better customer satisfaction and attraction. HMV has also aimed to transform their way of payment and decided to provide their customers with a better and more easy way of online payment. This also adds to companies list of payment options.

Pay By Mobile
Shuffling through your pockets at the shop depart, you understand you’ve missed your wallet at the house and all you have by the method of payment are a small number of coppers and a previous bus ticket. You’re concerned to create your red-faced justification when you consider you as well have your mobile cell phone. All you require to do is swipe it crossways a reader by the yet and right away your obtained will be accused to your credit card.
Not pleased with restoring our MP3 player, landline, alarm clock, camera, and mobile phone producers have at the present place their sights on replacing our wallet. Their latest creation of cell phones will connect us to credit or debit bank accounts as a fraction of a combined plan with mobile phone operators, credit card companies, and banks. They forecasted this one-swipe disbursement technology will possibly put back cards and cash and formulate it probable to go shopping armed simply by a mobile phone.
This way of paying is called the “pay-by-mobile” system previously functioning in Japan, where it is named “o-sifu keitai” or can say the mobile wallet, and tests are underneath way in the US, Sweden, and France.
Business insiders forecast the latest technology could reach the United Kingdom after one year. Pay-by-mobile established a boost in up last few months, when the Groupe Speciale Mobile Association (GSMA), on behalf of mobile phone handlers, declared a structure for a worldwide standard for mobile cell phone purchase payments. This would permit users of networks like Orange to utilize their phones to build buys in the sameO2, Vodafone, in a method in the region of the world.
Following several disjointed initiatives, we are at the present joining in the region of a single technique to facilitate mobile phones to be utilized in the place of cash or plastic.
The capability for mobile cell phones to be utilized as disbursement devices have extended and been observed as the sacred grail for together phone corporations and banks. As taxes for straight calls fall and competition from inexpensive or at no-cost calls over the internet warms up, phone corporations are more and more looking to the latest applications to increase revenue.
Credit card corporations perceive pay-by-mobile as a method of giving confidence to people to create small purchases that are at present made with cash, or on credit. By quantity, two-thirds of United Kingdom expenses are yet prepared by cash, therefore “mobile wallet” would provide credit card corporations a piece of these cash dealings. And research demonstrates people are further probable to abscond their wallets at house than on their mobile.
M-Commerce and Internet
New technology has at all times assisted us in assembly our daily lives easier. Mobile online payment or it is now said that M-Commerce is as well one of those technologies. The technology permits us to disburse for our high quality using cell phones. Presently a lot of companies have enabled this technology. Read More