Nfc currency

Nfc currency DEFAULT

Credit to the non-financial sector

Type of dataFormatCredit to the non-financial sector (whole data set)XLSXF1 Total credit to the non-financial sector% GDP , USD , local currency F2 Credit to the private non-financial sector   Total credit% GDP , USD , local currency   Bank credit% GDP , USD , local currency F3 Total credit to households% GDP , USD , local currency F4 Total credit to non-financial corporations% GDP , USD , local currency F5 Total credit to the government sector   At market value% GDP , USD , local currency   At nominal value% GDP , USD , local currency  1  Total credit to households (including non-profit institutions serving households) for the latest period (Q1 2021) for South Africa is estimated by applying the same quarter-on-quarter growth as the previous quarter.
Sours: https://www.bis.org/statistics/totcredit.htm

NoFakeCoin (NFC) live price in US dollar (USD). View value statistics, market cap and supply.

An overview showing the statistics of NoFakeCoin, such as the base and quote currency, the rank, and trading volume.

Price to USD $ 0.01621
Price to BTC 0.000000262 BTC
Rank 12,008
24h volume $ 910.53 Low volume
Market cap $ 0
Fully diluted market cap $ 0
All-time high (daily avg.) $ 1.09 on 4/30/2021

View the total and circulating supply of NoFakeCoin, including details on how the supplies are calculated.

Details
Total supply 0 NFC
There are no burned, team or smart contract locked balances to subtract.
Circulating supply 0 NFC
Unverified supplyNot updated yet
Circulating supply 0 NFC
Total supply 0 NFC

Top NoFakeCoin exchanges

The top crypto exchanges that have NoFakeCoin available for trading, ranked by 24h trading volume and the current price.

Exchange 24h volume

$ 914.45

$ 0.01628
All NFC exchanges

Top NoFakeCoin markets

A list of the top NoFakeCoin markets across all crypto exchanges based on the highest 24h trading volume, with their current price.

Market 24h volume

$ 820.90

$ 0.01627

$ 93.56

$ 0.01636
All NFC markets
Sours: https://coinranking.com/coin/-QpSW_ECYMQQ+nofakecoin-nfc
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Now, you can leave your plastic cards at home and pay quickly and securely with your phone. LG Pay® lets you put your credit/debit, gift and loyalty cards into one simple-to-use app. But your digital wallet can give you so much more than just the power to tap and pay. It can give you the freedom to do more, securely. Let's take a look at just some of the features the LG Pay app includes – and discover how it can help make life good.

• Pay securely: Not only does LG Pay let you add your credit and debit cards and use any of them right from your phone, but with tokenization, you'll get an added layer of security. (Compatible with select credit/debit cards from participating banks.)
• Fast, easy checkouts: With LG PayQuick™, you can just swipe up on your phone to pay at the register. Best of all, because the LG Pay app is always ready, even if your phone is asleep, paying for the things you need – and want – is simple.
• All your loyalty cards in one place: Get the benefits of membership (in your favorite retailer loyalty programs) by keeping all of your cards conveniently organized in one place – your digital wallet. Simply add your card on the LG Pay app and never miss an opportunity at checkout.
• Gifting made simple: With the power to purchase and send gift cards to friends and family directly from your digital wallet app, gift-giving is easy. Just open your LG Pay app, choose a card from one of many popular retailers, add a personal message, then send it. If the recipient has an LG Pay account, they’ll receive an in-app alert. If they don’t have LG Pay, their gift will be delivered via text, along with your message. Best of all, if your recipient wants to switch their gift card** (once per gift card), they can – which makes it even easier to give them exactly what they want.
• Voice activation: For added convenience, you can also use voice commands to manage your digital wallet. Simply say what you need, and the Google Assistant can help you with everything from redeeming your LG Pay Perks Card on LG Pay to making a payment and connecting with customer service.
• Get real money from LG: Take advantage of exclusive LG Pay offers to receive real money on your LG Pay Perks Card, which can then be used to make purchases in-store anywhere VISA is accepted. The more qualifying offers you redeem, the more money you can receive.

When you download the LG mobile pay app, you'll not only get an easy payment option and a convenient way to stay organized, but you’ll also get added peace of mind. If your phone is lost or stolen, you can visit MyLGPay.com, and you can remove cards registered within the wallet app. Then, when you find your phone or switch to a new one, you can restore your LG Pay account information with just a few clicks. For LG Pay frequently asked questions and more information, you can visit LG Pay FAQs to learn more.

*LG pay is a registered trademark of LG Corp. Compatible with select credit/debit cards from participating banks. Available on select models; coming soon to other smartphones. App is downloadable from the Google Play Store. Tokenization adds an extra layer of security.

** Switching to a different gift card allowed one time per gift card, only valid on gift cards purchased and sent via the LG Pay® app.

Sours: https://www.lg.com/us/lg-pay
How to set up and use Google Pay

Damien Hirst to Release First Set Of 10,000 Hand-Painted Works as NFTs

Damien Hirst has joined the NFT party with a collection set to release through art sales platform HENI.

Dubbed “The Currency,” the drop consists of 10,000 hand-painted works of art, each with a corresponding NFT that you can apply for the chance to purchase. Successful applicants will be notified next week if they’d like to purchase an NFT, which will cost $2,000 USD each. The platform accepts payments via credit or debit card, as well as some forms of cryptocurrency, such as bitcoin, ethereum, USD coin and dai. Each of the 10,000 pieces is signed on the back with a unique title given by the artist.

Collectors will receive their NFTs on July 29, with the option to trade them in for a physical artwork two months after the NFTs are allocated. They will have until July 27, 2022, or exactly one year after, to make that decision. If exchanges are made, the original NFT will be destroyed.

Earlier this year, Hirst openly welcomed the inclusion of crypto as a form of payment for his cherry blossom prints, titled, The Virtues. The latest venture is Hirst reiterating his support for blockchain assets and reflecting on the concept of currency.

“I’ve never really understood money…they’re all ethereal,” he states in a video describing the NFT. For those who are hesitant about purchasing, perhaps due to the emissions necessary to power crypto, HENI is working with Palm — a new NFT ecosystem that is more energy efficient than its competitors.

Take a look at Hirst’s video explaining his NFT series below.

In other crypto news, Muse frontman Matt Bellamy is auctioning off three unreleased tracks as NFTs.

Read Full Article

Text By
Shawn Ghassemitari

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Sours: https://hypebeast.com/2021/7/damien-hirst-the-currency-nft-heni

Currency nfc

Contactless payment

EMV contactless symbol used on compatible payment terminals
A contactless enabled American Express charge card issued in the UK

Contactless payment systems are credit cards and debit cards, key fobs, smart cards, or other devices, including smartphones and other mobile devices, that use radio-frequency identification (RFID) or near field communication (NFC, e.g. Samsung Pay, Apple Pay, Google Pay, Fitbit Pay, or any bank mobile application that supports contactless) for making secure payments. The embedded integrated circuit chip and antenna enable consumers to wave their card, fob, or handheld device over a reader at the point of sale terminal. Contactless payments are made in close physical proximity, unlike other types of mobile payments which use broad-area cellular or WiFi networks and do not involve close physical proximity.

EMV is a common standard used by major credit card and smartphone companies for use in general commerce. Contactless smart cards that function as stored-value cards are becoming popular for use as transit systemfarecards, such as the Oyster card or RioCard. These can often store non-currency value (such as monthly passes), in additional to fare value purchased with cash or electronic payment.

Tokenisation is a newer concept of encapsulating a card issuers details within a hardware device application such as via Apple Pay app on iPhones.

Some suppliers claim that transactions can be almost twice as fast as a conventional cash, credit, or debit card purchase. Because no signature or PIN verification is typically required, contactless purchases are typically limited to small value sales. Lack of authentication provides a window during which fraudulent purchases can be made while the card owner is unaware of the card's loss.

OTI TRIO-IQ Enables all NFC, contact & contactless EMV payments.

Major financial institutions & multinational corporations now offer contactless payment systems to customers as contactless credit cards have become widespread in the U.S., U.K., Japan, Germany, Canada, Australia, France, the Netherlands, etc., as consumers are likely to spend more money using their cards due to the ease of small transactions. With contactless cards growing in numbers and percentages of adoption, the number of payments by this method had increased significantly since the spending limit was raised, purchases made by card now surpassed those made by cash and now account for approximately one-third of all card transactions in countries like the UK.[citation needed] Contactless payments specifically have become increasingly popular, being used in over 55% of all point-of-sale purchases in Australia as of 2019.[1] Card issuers indicate they will increase the availability of contactless cards to consumers. With over 58 million contactless-enabled cards and over 147,000 terminals in use in the UK alone, Visa estimates there will be 300 million contactless cards issued in the US by the end of 2020, up from the predicted 100 million at the end of 2019.[citation needed]

Image of Contactless Card, opened up

History[edit]

90s—2000s[edit]

Mobil was one of the most notable early adopters of a similar technology, and offered their "Speedpass" contactless payment system for participating Mobil gas stations as early as 1997. Although Mobil has since merged with Exxon, the service is still offered at many of ExxonMobil's stations. Freedompay also had early wins in the contactless space with Bank of America[2] and McDonald's.[3]

In 2002, Philips teamed up with Sony to elaborate the NFC standard.[4][5] Then Philips Semiconductors applied for the six fundamental patents of NFC, invented by the Austrian and French engineers Franz Amtmann and Philippe Maugars who received the European Inventor Award in 2015.[6]

In July 2004, Sony, who had implemented the contactless RFIDsmart cardFeliCa in Japan, introduced the Osaifu-Keitai (おサイフケータイ) system (literal translation: "wallet-phone") developed with the mobile phone operatorNTT DoCoMo on multiple FeliCa systems such as Edy and, on 28 January 2006, on Mobile Suica used primarily on the railway networks owned by JR East.[7]

In May 2005, after some experimentation in the Netherlands, the contactless deferred payment at the end of each month, after the registration of the trips aboard with a contacless mobile phone on the client's account, was first experimented in Germany during 6 months on the tramways and bus of Hanau with the Nokia 3220 using the NFC standard of Philips and Sony.[8]

In October 2005, the immediate contactless payment was first experimented in France in Caen during 6 months with a Samsung NFC smartphone by Orange in collaboration with Philips Semiconductors in the Cofinoga shops (Galeries Lafayette, Monoprix) and Vinci parkings. For the first time, thanks to "Fly Tag", the system allowed to receive as well audiovisual informations, like bus timetables or cinema trailers from the concerned services.[7][5] In June 2007, the payment with a contactless bank card was tested at the FNAC of La Défense in Paris and from 19 November 2007 to 2009 in some shops of Caen and Strasbourg, this time with smartphones NFC, provided by four operators (Orange, Bouygues Telecom, SFR and NRJ Mobile).[5] On 5 November 2007, Orange and the transport societies SNCF and Keolis associated themselves for a 2 months experimentation with smartphones in Rennes in the metro, bus and TER trains.[9][5]

The first contactless cards in the UK were issued by Barclaycard in September 2007.[10] PayPass trialed the world's first NFC-enabled phone, the Nokia 6131 NFC, in New York in 2007.[11]

In March 2008, Eat became the first restaurant chain to adopt contactless.[12]

On 19 January 2009, NFC is used in transports for the first time in the world by China Unicom and Yucheng Transportation Card with Changhong DG28 and F4 mobile phones in the tramways and bus of Chongqing in China.[13]

2010s[edit]

In January 2010, Barclaycard partnered with mobile phone firm Orange, to launch a contactless credit card in the UK.[14] Orange and Barclaycard also announced in 2009 that they would be launching a mobile phone with contactless technology.[15]

After a test conducted from October 2005 to November 2006 with 27 users,[16] on 21 May 2010, the transport authority of NiceRégie Lignes d'Azur was the first public transport provider in Europe to add definitely to its own offer a contactless payment on its tramways and bus network either with a NFC bank card or smartphone application notably on Samsung Player One (with the same mobile phone operators than in Caen and Strasbourg in 2007), as well as the validation aboard with them of the transport titles and the loading of these titles onto the smartphone, in addition to the season tickets contactless card.[17] This service was as well experimented then respectively implemented for NFC smartphones on 18 and 25 June 2013 in the tramways and bus of Caen[18][19] and Strasbourg.,[20][21] after the contactless payment on the 765 pay and display parking machines of Strasbourg was made available in October 2011. In the Paris transport network, after a 4 months testing from November 2006 with Bouygues Telecom and 43 persons[16] and finally with 8,000 users from July 2018, the contactless mobile payment and direct validation on the turnstile readers with a smartphone was adopted on 25 September 2019[22][23][24] in collaboration with the societies Orange, Samsung, Wizway Solutions, Worldline and Conduent.

NFC is used in Seoul[25] after its introduction in Korea by the discount retailer Homeplus in March 2010[26] and in Tokyo it is tested then adopted or added to the existing systems, like the mobile wallet Osaifu-Keitai, from May 2010 to end of 2012.[27][28] The NFC standard is implemented for the first time in a metro network, by China Unicom in Beijing on 31 December 2010.[29]

In October 2011, the first mobile phones with Mastercard PayPass and/or Visa payWave certification appeared. A PayPass or payWave account can be assigned to the embedded secure element and/or SIM card within the phones.

In October 2013, Citi Enterprise Payments and 3 Hong Kong, the mobile operation of Hutchison Telecommunications Hong Kong Holdings Limited (SEHK: 215), jointly announced the launch of ‘3 Citi Wallet.’ Using Near Field Communication (NFC) technology, the '3 Citi Wallet' was a multi-purpose mobile wallet service that included mobile payment, transaction history, a location-based special offer service and a search function that directed customers to the best deals within their vicinity. The 3Citi wallet was compatible with a wide range of designated smartphones, from Samsung, Sony, HTC, LG and iPhone. Over 9,000 Visa payWave readers across Hong Kong were able to accept contactless payments on Day 1.[30]

In February 2014, Mastercard announced that it would partner with Weve, which is a joint venture between EE, Telefónica UK, and Vodafone UK, to focus on mobile payments. The partnership will promote the development of "contactless mobile payment systems" by creating a universal platform in Europe for it.[31]

On 9 September 2014, Apple Inc. announced Apple Pay, a proprietary form of contactless payment integrated with its smartphones, with the release of the iPhone 6.[32]

In September 2014, Transport for London's Tube began accepting contactless payment. The number of completed contactless journeys has now exceeded 300m. On Friday 18 December, the busiest single day in 2015, a record 1.24m journeys were completed by over 500k unique contactless cards.[33]

In 2016 Erste Group launched an NFC-only debit card implemented as a sticker in Austria. It can be used at any NFC supporting terminal for transactions of unlimited amount however for transactions over the floor limit of €25 a PIN is required to confirm the transaction.[34]

In 2016, contactless payments start to become even broader with wearable technology devices also offering this payment feature.

2020s[edit]

A Transport for Londonbus stop advertisement recommending contactless payment as safe during the COVID-19 pandemic.

During the COVID-19 pandemic,[35] several banks raised their contactless payment limits.[36][37] In the United Kingdom, the limit was increased from £30 to £45 in March 2020.[38] Contactless payments were recommended as a safer payment method compared to Chip and PIN card payments and cash transactions.[39]

Adoption and usage[edit]

Google Pay is an application for devices running Google's Android OS, which allows users to make purchases using NFC, which initially required a physical secure element but this was replaced by host card emulation which was introduced in Android 4.4 (KitKat). Softcard (formerly known as Isis mobile wallet), Cityzi and Quick Tap wallets for example, use a secure SIM card to store encrypted personal information. Contactless payments with enabled mobile phones still occur on a small scale, but every month an increasing number of mobile phones are certified.[40]

In 2012, Mastercard Advisors wrote that consumers are likely to spend more money using their cards due to the ease of small transactions.[41]Mastercard Canada says it has seen "about 25 percent" higher spending by users of its Mastercard Contactless-brand RFID credit cards.[42]

As of December 2014[update], there were approximately 58 million contactless-enabled cards in use in the UK, and over 147,000 terminals in use.[43][44] By June 2017 purchases made by card surpassed those made by cash. This was reported to have been driven by the rise in contactless payments, which accounted for approximately one third of all card transactions in the UK. The number of payments by this method had increased significantly since the spending limit was raised from £20 to £30.[45] In 2018, contactless payments made up around 19% of transactions in the UK.[46]

In 2018, the Westpac Banking Corporation in Australia revealed contactless payment statistics from 2017 and claimed in the report that contactless payments approached saturation point by being used in over 90% of purchases. The Australian St.George Bank reported 94.6% usage for the same period.[47]

Recent statements by Visa and other US card issuers indicate that they will increase the availability of contactless cards to US consumers in the near future. Visa estimates there will be 300 million contactless cards issued in the US by the end of 2020, up from the predicted 100 million at the end of 2019 as announced on its 2018 Q4 earnings call.[48]

Telecom operators are starting to get involved in contactless payments via the use of NFC-enabled phones. Belgacom's Pingping, for example, has a stored value account and via a partnership with Alcatel-Lucent's Touchatag provides contactless payment functionalities.

McDonald's, KFC, Burger King, Boots, Eat, Heron Foods, Pret a Manger, Stagecoach Group, Subway, AMT Coffee, Wilko, Tesco, M&S, Asda, and Lidl are among the retailers offering contactless payments to their customers in the UK.

Major financial entities now offering contactless payment systems include Mastercard, China UnionPay, Citibank, JPMorgan Chase, American Express, KeyBank, Barclays, Barclaycard, HSBC, Lloyds Banking Group, FreedomPay, The Co-operative Bank, Nationwide Building Society and NatWest Group. Visa payWave, American Express Expresspay, and Mastercard Contactless are examples of contactless credit cards which have become widespread in the U.S. and U.K.

Technology[edit]

There exist 2 main standard usages for contactless payments adopted throughout payment terminal's with the EMV standard.

EMV Chip

On issued bank debit cards a smart chip or cryptographic chip is placed on the debit card known as a smart card which allows wireless payments to be made from the EMV chip and a in range payment terminal using RFID technology following the EMVCo standard. When the smart card is tapped against a payment terminal that authenticates the card issuers details through a series of PIN interactions the payment for the interaction will succeed.

Tokenisation

A newer approach to smart card technology is achieved by linking a smart card to a hardware device, such as through the Apple Pay application on an iPhone mobile phone, thereby allowing mobile devices the ability to make payments using RFID technology against a payment terminal on behalf of a smart card using a token generated by the card issuer known as tokenisation. A Device Account Number (DAN) similar to a Private Account Number (PAN) in traditional payment stripe and chip cards, is generated along with a private key and sent to the card issuer during initial setup of the smart card on the hardware device. When payments are made via the respective approved application on the hardware device the DAN and relevant details such as expiry date and CCV are sent to the card issuer via a payment terminal for cryptography where the associated private key is then used to authorise the transaction.

Security[edit]

In 2006 security researchers found that the cardholder's name, credit card number, and expiration date may be transmitted by contactless payment cards without encryption. They were able to use information leaked from a contactless credit card to make a purchase online, without opening the envelope in which the card was sent.[49]

Depending on the economic space, there may be a payment limit on single transactions without the need to input the PIN, and some contactless cards can only be used a certain number of times before customers are asked for their PIN.[50] Contactless debit and credit transactions use the same chip and PIN network as older cards and are protected by the same fraud guarantees. Where PIN is supported, the contactless part of the card may remain non-functional until a standard chip and PIN transaction has been executed.[51] This provides some verification that the card was delivered to the actual cardholder.

Under fraud guarantee standards, U.S. banks are liable for any fraudulent transactions charged to the contactless cards.[52]

Floor limit[edit]

Because no signature or PIN verification is typically required, contactless purchases are typically limited to a set maximum amount per transaction, known as a Cardholder Verification Limit (CVM limit). Limits may vary between banks. For transactions over the defined CVM limit a verification is usually required (e.g. PIN, Signature or biometric authentication). |- Additionally, lower value transactions are accepted without sending the transaction online for verification by the Acquiring host. This is known as the Floor Limit.

Economic spaceLimitComment
Australia$100For transactions over A$100 a PIN or biometric authentication is required. Beginning April 2020 the limit changed to A$200 until further notice.[53][54]
Austria€25For transactions exceeding €25 a PIN is required. Additionally for cards produced before 2017 only five transactions can be made without a PIN.[55] Cards issued after December 2016 need a PIN code for transactions over €25 or a contactless total of €125.
Bahrain20 BHD
BangladeshBDT3000.00For transactions over BDT3000.00 a PIN is required.
Belgium€50Since the COVID crisis, transaction limits in Belgium were increased. For transactions over €50 a PIN is required. When several contactless payments in a row reach the amount of €125, the PIN is required.
BrazilR$200For transactions over R$200,00 a PIN is required. [56]
Bulgaria50 BGNFor transactions over 50 BGN (~€25) a PIN is required. 25 BGN (~€12) until April 12, 2019.
CanadaNo limitLimits are completely at the discretion of the merchant's acquiring bank and the consumer's bank. There is no law limiting the amounts. However, in practice, financial institutions limit contactless payments to $CA100. Some merchants may accept higher amounts subject to signature verification. Due to the COVID-19 pandemic, MasterCard, Visa, and American Express increased their limits to $250.[57][58]
Chile$12.000 CLP
ChinaCN¥1000[59]UnionPay QuickPass. PIN required unless disabled with bank.
ColombiaNo limitFor transactions over COP 50.000 PIN is required.
Costa RicaNo limitFor transactions over ₡30000 signature is required.[60] Beginning July 1, 2022, PIN will be required instead.[61]
Croatia[62]No limitFor transactions over 250HRK PIN or signature are needed.
CuraçaoANG 45For transactions over ANG 45 a PIN is required. When several contactless payments in a row reach the amount of ANG 100, the PIN is required.
Czech RepublicNo limitFor transactions over 500 CZK PIN is needed. After 3 consecutive contactless transactions, PIN is required.
Denmark[63]350 DKKFor transactions over 350 DKK PIN is needed. Sometimes PIN is needed anyway to ensure the card is used by its owner.
Dominican RepublicNo Limit
Estonia[64]€50
Finland€50€25 up until April 12, 2019. After that it will be €50.
France€50Can be used up to three times a day.
GermanyNo limitFor each transaction over €25 or €50 (some Visa cards) a PIN or CDCVM verification is required.
Greece €50 For transactions over €50 a PIN is required
Hong KongNo limitInitially banks, not government, set it for $500 or under, then (for some banks) under $1000 (HKD), until the limits were removed.
HungaryNo limitFor transactions over 5000 HUF PIN is needed. For every 10 consecutive contactless transactions or if you reach 10.000 HUF PIN is needed. Due the COVID-19 pandemic, the 5000 HUF limit is increased to 15 000 HUF. No limit for Apple Pay or similar contactless purchases.
IcelandISK 5.000Íslandsbanki has a lower limit of ISK 4.200. For each transaction over the limit, Chip and PIN are required. Also, a cumulative limit of ISK 10.000 between Chip and PIN uses.
India₹5000For transactions above ₹5000 (US$ 71), a PIN is required.
Ireland€50Increased from €30 to €50 on 1 April 2020.[65] There is no transaction limit when using contactless with two-factor authentication (e.g. Apple Pay), although some merchants still apply a €50 transaction limit[66]
Israel 300 ILS For transactions over 300 ILS PIN is needed
ItalyNo limitFor transactions over €50 PIN is needed
JapanJP¥20000JCB QUICPay and QUICPay+[67]
Latvia[68]€50
Lithuania[69]€25
North Macedonia750 MKD
MalaysiaRM250Cumulative limits (total amount and/or consecutive transactions) differ between card issuers.[70]

By default, for each transaction above RM250 PIN is required. But the limit is customizable.[71]

Netherlands[72]No limitFor card payments of more than €25 at once or €50 in a row a PIN is required. Some older cards only allow five transactions in a row without a PIN. Most if not all retailers have, by now, terminals that support CDCVM as verification (i.e. Apple Pay). Most banks have had Android NFC/Tap&Pay through their mobile banking apps for a few years now. While Apple Pay was launched (unofficially) by bunq on March 20, 2018, through a workaround,[73] and to be joined officially by ING on June 11, 2019,[74] followed by the official launch for bunq on Sept. 3rd and the announcement that banks ABN AMRO and Rabobank will also start to offer Apple Pay in The Netherlands sometime in 2019.[75] Also note that broad acceptance of credit cards isn't commonplace yet, so that's up to the individual merchant. Maestro by Mastercard is the dominant card type and accepted everywhere.
New Zealand$80For each transaction over NZ$80 a PIN is required. In response to the COVID-19 pandemic, this amount was temporarily raised to NZ$200, in an effort to further reduce unnecessary contact.[76]
Norway[77]No limitFor each transactions over 500 NOK a PIN is required.[78] Sometimes PIN is needed anyway to ensure the card is used by its owner.
PolandNo limitFor transactions over or equal to 100 PLN PIN is required.
PortugalNo limitFor more than €50 PIN verification is mandatory[79]
RomaniaNo limitFor transactions over or equal to 100 lei PIN is required.
RussiaNo limitFor transactions over ₽1000 PIN or signature is required.
Saudi Arabia300 SARFor transactions over 300 SAR, PIN is required.
SerbiaNo limitFor more than 2000RSD PIN verification is mandatory
SingaporeS$100The current transaction limit for contactless payments in Singapore is S$100, although some banks offer higher.[80]
SlovakiaNo limitFor transactions over €20 PIN is needed. After 3 consecutive contactless transactions, PIN is required.
SloveniaNo limitFor transactions over €25 PIN is needed.
South Africa500 ZARIncreased to R500 in May 2017 (except for ABSA Bank which remained at R200)[81]
SpainNo LimitFor more than €50 PIN verification is mandatory except using mobile payments sometimes. It was increased from €20 to €50 to avoid contact because of the COVID-19 pandemic.
Sri LankaNo LimitFor more than LKR 5000 PIN/signature verification is required
Sweden200 SEKFor each transaction over 200 SEK a PIN is required.
Switzerland80 CHFFor transactions over 80 CHF a PIN is required.
TaiwanNo limitSignatures may be required for large purchases.
Thailand฿1500
Turkey₺250For transactions over ₺250 PIN is required.
Ukraine1500 UAHFor transactions over 1500 UAH a PIN is required
United Kingdom£100 Previous limits:
  • £10 (1 September 2007 – 28 February 2010)[82]
  • £15 (1 March 2010 – 31 May 2012)[83]
  • £20 (1 June 2012 – 31 August 2015)[84]
  • £30 (1 September 2015 – 31 March 2020)[85]
  • £45 (1 April 2020 - 14 October 2021)[86] There is no transaction limit when using contactless with two-factor authentication (e.g. Apple Pay), although some merchants who have not updated their card terminals' software apply a £45 limit as if there was no authentication; this is gradually improving.

The Chancellor Rishi Sunak confirmed in the 2021 budget this limit would increase to £100 on 15th October 2021, with this floor limit increase later confirmed by The Financial Conduct Authority (FCA)

United States of AmericaNo limitA signature may be required for large purchases. Banks may set their own limits or require a PIN.

See also[edit]

References[edit]

  1. ^Reserve Bank of Australia (19 March 2020). "Consumer Payment Behaviour in Australia". Reserve Bank of Australia. Retrieved 11 January 2021.
  2. ^"FreedomPay makes waves in contactless payment - SecureIDNews".
  3. ^"McDonald's testing e-payment system". USA Today. 2001-05-29.
  4. ^"Sony et Philips contrent Bluetooth" (in French). 01net.com. 18 September 2002. Retrieved 28 June 2020.
  5. ^ abcd"Les transports en commun niçois se mettent au paiement sans contact" (in French). 01net.com. 24 May 2009. Retrieved 27 June 2020.
  6. ^"Philippe Maugars : le père français du NFC sacré inventeur européen de l'année" (in French). 01net.com. 12 June 2015. Retrieved 28 June 2020.
  7. ^ ab"Caen, la ville où l'on paye et s'informe en sortant son portable" (in French). 01net.com. 20 October 2005. Retrieved 28 June 2020.
  8. ^"A Hanau, le portable-ticket de bus joue au juste prix" (in French). 01net.com. 2 May 2005. Retrieved 28 June 2020.
  9. ^"Les transports rennais payés par mobile 'sans contact'" (in French). 01net.com. 7 November 2007. Retrieved 28 June 2020.
  10. ^"Barclaycard rolls out Oyster payments card". Finextra. Finextra. September 2007.
  11. ^"Nokia 6131 NFC – touch to pay credit card mobile phones start trickling onto the market". 22 November 2007.
  12. ^"First Fully Integrated Contactless Payment System in UK". www.paymentnews.com. 2008-03-26. Archived from the original on 2014-03-02. Retrieved 2012-08-26.
  13. ^"Mobile and transit operators launch NFC payments system in Chongqing". nfcw.com. 19 January 2019. Retrieved 2 August 2020.
  14. ^"Orange and Barclaycard deliver next step in their partnership with contactless co-branded credit card". Barclaycard. Barclaycard. January 2010.
  15. ^"Barclaycard and Orange unveil pay-by-mobile service by Garry White". Daily Telegraph. London. 2009-03-08. Retrieved 2010-08-06.
  16. ^ ab"Télécoms - La révolution mobile sans contact arrive en 2008" (in French). banquedesterritoires.fr. 21 December 2007. Retrieved 27 June 2020.
  17. ^"Nice, première ville à passer au paiement sans contact" (in French). 01net.com. 21 May 2010. Retrieved 26 June 2020.
  18. ^"A Caen, avec un mobile sans contact, on valide dans les bus et trams" (in French). 01net.com. 18 June 2013. Retrieved 27 June 2020.
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  22. ^"Ça y est, certains smartphones Samsung peuvent servir de titres de transport en Île-de-France !" (in French). Twitter. 8 April 2019. Retrieved 26 June 2020.
  23. ^"Le dernier (ticket de) métro, at 2:10 and 2:38" (in French). YouTube. 24 September 2018. Retrieved 21 June 2020.
  24. ^"Et si vous achetiez vos titres de transport depuis votre appli RATP ?" (in French). RATP. 12 November 2019. Retrieved 28 June 2020.
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  26. ^"SK Telecom and Hana launch SIM-based mobile contactless payments and promotions service". nfcw.com. 25 March 2010. Retrieved 2 August 2020.
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  28. ^"NTT Docomo partners with Korea's KT to switch to NFC at end of 2012". nfcw.com. 9 February 2011. Retrieved 2 August 2020.
  29. ^"China Unicom launches commercial NFC service in Beijing". nfcw.com. 5 January 2011. Retrieved 2 August 2020.
  30. ^"3 Hong Kong and Citibank Jointly Launch '3 Citi Wallet' New Mobile Payment Technology Turns Mobile Phones into Digital Wallets New Milestone in Mobile Payment". www.citigroup.com. Retrieved 2021-05-11.
  31. ^Villarreal, Alexandra. "MasterCard, Weve partner to accelerate contactless payments shift in U.K."Archived 2016-01-17 at the Wayback MachineBank Credit News. 2/10/2014. Retrieved 2/10/2014.
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  33. ^"Contactless has caught on underground". Barclaycard. Barclaycard. February 2016.
  34. ^"BankCard Sticker". Erste Bank und Sparkassen. Erste Bank Group. January 2016. Archived from the original on 2016-08-22.
  35. ^WHO encourages use of contactless payments due to COVID-19
  36. ^Increase in contactless payments limit may not be ready until April
  37. ^Contactless card payment limit to change in emergency move amid coronavirus pandemic
  38. ^"Contactless limit in UK to be increased to £45". UK Finance. Retrieved 19 June 2020.
  39. ^Clark, Derin (24 March 2020). "Contactless limit is set to rise to £45 to help fight Covid-19". Moneyfacts.co.uk. Retrieved 19 June 2020.
  40. ^"Certified phones". nfc-phones.org. Archived from the original on 2015-10-11. Retrieved 2015-02-07.
  41. ^"New MasterCard Advisors Study on Contactless Payments Shows Almost 30% Lift in Total Spend Within First Year of Adoption". newsroom.mastercard.com. 2012-05-03. Retrieved 2013-03-13.
  42. ^Dubinsky, Zach. "New credit cards pose security problem". CBCNews.ca. 2010-06-02. Retrieved 2010-06-03.
  43. ^Campbell, Francis. "Contactless payments taking off in the UK in 2015". mobiletransaction.org. Retrieved 16 December 2015.
  44. ^"Key Facts and Stats". Archived from the original on July 21, 2010. Retrieved August 6, 2010.
  45. ^Jones, Rupert (2017-07-12). "Cash no longer king as contactless payments soar in UK stores". The Guardian. ISSN 0261-3077. Retrieved 2019-05-03.
  46. ^https://www.ukfinance.org.uk/sites/default/files/uploads/pdf/UK-Finance-UK-Payment-Markets-Report-2019-SUMMARY.pdf
  47. ^"Contactless Payments Statistics Australia 2017 | Westpac". www.westpac.com.au. Retrieved 2018-07-09.
  48. ^Sacchi, Guido. "Payment Security: Can It Be Frictionless and Secure?". Global Payments.
  49. ^Schwartz, John (2006-10-23). "Researchers See Privacy Pitfalls in No-Swipe Credit Cards". The New York Times. Retrieved 2019-09-22.
  50. ^"Lloyds Bank - UK Bank Accounts - Contactless Debit Cards".
  51. ^"Why doesn't my contactless card work?".
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  58. ^Gary Ng (2020-04-07). "American Express Canada Increases Tap Payment Limit to $250 Due to COVID-19". iphoneincanada.ca. iPhone In Canada. Retrieved 2020-05-21.
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  76. ^"Covid 19 coronavirus: Paywave eftpos limit raised to $200 - but two banks lag". NZ Herald. Retrieved 18 March 2021.
  77. ^"200.000 tæpper hver dag | BankAxept". www.ntbinfo.no (in Norwegian). Retrieved 2019-04-01.
  78. ^"Grensen for kontaktløs betaling med BankAxept uten PIN-kode økes". Finans Norge (in Norwegian). Retrieved 2020-10-24.
  79. ^"Os pagamentos "sem contacto" até 50 euros vieram para ficar". www.bportugal.pt (in Portuguese). Retrieved 2020-07-13.
  80. ^Boon, Rachel (8 February 2017). "Nets payments to go digital and contactless". The Straits Times. Retrieved 25 August 2017.
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  82. ^Barclays. "Ten years of contactless | Barclays". Barclays. Retrieved 8 April 2020.
  83. ^Gough, Owen (2 March 2017). "Supermarket contactless spending jumps as 'touch and go' overtakes Chip and PIN". Small Business. Retrieved 8 April 2020.
  84. ^BBC News (1 June 2012). "Contactless pay limit up to £20". BBC News. Retrieved 8 April 2020.
  85. ^"Contactless card limit rises to £30 as card use surges". 1 September 2015 – via www.bbc.co.uk.
  86. ^"Apple Pay 100% Backed By UK's Major Banks -- Including Barclays". Know Your Mobile. Retrieved 2016-05-04.

External links[edit]

Sours: https://en.wikipedia.org/wiki/Contactless_payment
COIN App: How Much I Got Paid (Full Review)

Mobile payment

Payment services via a mobile device

Ambox current red Americas.svg

This article needs to be updated. Please help update this article to reflect recent events or newly available information.(October 2017)

Mobile payment (also referred to as mobile money, mobile money transfer, and mobile wallet) generally refer to payment services operated under financial regulation and performed from or via a mobile device. Instead of paying with cash, cheque, or credit cards, a consumer can use a mobile to pay for a wide range of services and digital or hard goods. Although the concept of using non-coin-based currency systems has a long history,[1] it is only in the 21st century that the technology to support such systems has become widely available.

Mobile payment is being adopted all over the world in different ways.[2][3] The first patent exclusively defined "Mobile Payment System" was filed in 2000.[4]

In developing countries mobile payment solutions have been deployed as a means of extending financial services to the community known as the "unbanked" or "underbanked", which is estimated to be as much as 50% of the world's adult population, according to Financial Access' 2009 Report "Half the World is Unbanked".[5] These payment networks are often used for micropayments.[6] The use of mobile payments in developing countries has attracted public and private funding by organizations such as the Bill & Melinda Gates Foundation, United States Agency for International Development and Mercy Corps.

Mobile payments are becoming a key instrument for Payment Service Providers (PSPs) and other market participants, in order to achieve new growth opportunities, according to the European Payments Council (EPC).[7] The EPC states that "new technology solutions provide a direct improvement to the operations efficiency, ultimately resulting in cost savings and in an increase in business volume".

Models[edit]

There are four primary models for mobile payments: [8]

  • Bank Centric Model
  • Operator Centric Model
  • Collaborative Model
  • Independent Service Provider (ISP) Model

In Bank- or Operator- Centric Model, a bank or the operator is the central node of the model, manages the transactions and distributes the property rights. In Collaborative Model, the financial intermediaries and telephonic operators collaborate in the managing tasks and share cooperatively the proprietary rights. In ISP Model, a third party of confidence operates as an independent and “neutral” intermediary between financial agents and operators. Apple Pay or PayPal are the ISP the most frequently associated to this model in these last months.

There can also be combinations of two models.

  • Operator /bank co-operation, emerging in Haiti. [9]

Financial institutions and credit card companies[10] as well as Internet companies such as Google[11] and a number of mobile communication companies, such as mobile network operators and major telecommunications infrastructure such as w-HA from Orange and smartphone multinationals such as Ericsson[12][13] and BlackBerry have implemented mobile payment solutions.

Mobile wallets[edit]

Main article: Online wallet

A mobile wallet is an app that contain your debit and credit card information so that users can pay for goods and services digitally by using their mobile devices.[14] Notable mobile wallets include:

Generally, this is the process:[citation needed]

First payment:

  • User registers, inputs their phone number, and the provider sends them an SMS with a PIN
  • User enters the received PIN, authenticating the number
  • User inputs their credit card info or another payment method if necessary (not necessary if the account has already been added) and validates payment

Subsequent payments:

  • The user re enters their PIN to authenticate and validates payment

Requesting a PIN is known to lower the success rate (conversion) for payments. These systems can be integrated with directly or can be combined with operator and credit card payments through a unified mobile web payment platform.

Credit card[edit]

A simple mobile web payment system can also include a credit card payment flow allowing a consumer to enter their card details to make purchases. This process is familiar but any entry of details on a mobile phone is known to reduce the success rate (conversion) of payments.

In addition, if the payment vendor can automatically and securely identify customers then card details can be recalled for future purchases turning credit card payments into simple single click-to-buy giving higher conversion rates for additional purchases.

However, there are concerns regarding information and payment privacy when cards are used during online transactions. If a website is not secure, for example, then personal credit card info can leak online.

Carrier billing[edit]

The consumer uses the mobile billing option during checkout at an e-commerce site—such as an online gaming site—to make a payment. After two-factor authentication involving the consumer's mobile number and a PIN or One-Time-Password (often abbreviated as OTP), the consumer's mobile account is charged for the purchase. It is a true alternative payment method that does not require the use of credit/debit cards or pre-registration at an online payment solution such as PayPal, thus bypassing banks and credit card companies altogether. This type of mobile payment method, which is prevalent in Asia,[citation needed] provides the following benefits:

  1. Security – Two-factor authentication and a risk management engine prevents fraud.
  2. Convenience – No pre-registration and no new mobile software is required.
  3. Easy – It's just another option during the checkout process.
  4. Fast – Most transactions are completed in less than 10 seconds.
  5. Proven – 70% of all digital content purchased online in some parts of Asia uses the Direct Mobile Billing method[15]

SMS/USSD-based transactional payments[edit]

Premium SMS and premium MMS[edit]

In the predominant model for SMS payments, the consumer sends a payment request via an SMS text message or an USSD to a short code and a premium charge is applied to their phone bill or their online wallet. The merchant involved is informed of the payment success and can then release the paid for goods.[16]

Since a trusted physical delivery address has typically not been given, these goods are most frequently digital with the merchant replying using a Multimedia Messaging Service to deliver the purchased music, ringtones, wallpapers etc.

A Multimedia Messaging Service (MMS) can also deliver barcodes which can then be scanned for confirmation of payment by a merchant. This is used as an electronic ticket for access to cinemas and events or to collect hard goods.

Transactional payments by SMS have been popular in Asia and Europe and are now accompanied by other mobile payment methods,[citation needed] such as mobile web payments (WAP), mobile payment client (Java ME, Android...) and Direct Mobile Billing.

Inhibiting factors of Premium SMS include:[citation needed]

  1. Poor reliability – transactional premium SMS payments can easily fail as messages get lost.
  2. Slow speed – sending messages can be slow and it can take hours for a merchant to get receipt of payment. Consumers do not want to be kept waiting more than a few seconds.
  3. Security – The SMS/USSD encryption ends in the radio interface, then the message is a plaintext.
  4. High cost – There are many high costs associated with this method of payment. The cost of setting up short codes and paying for the delivery of media via a Multimedia Messaging Service and the resulting customer support costs to account for the number of messages that get lost or are delayed.
  5. Low payout rates – operators also see high costs in running and supporting transactional payments which results in payout rates to the merchant being as low as 30%. Usually around 50%
  6. Low follow-on sales – once the payment message has been sent and the goods received there is little else the consumer can do. It is difficult for them to remember where something was purchased or how to buy it again. This also makes it difficult to tell a friend.

Remote payment by SMS and credit card tokenization[edit]

Even as the volume of Premium SMS transactions have flattened, many cloud-based payment systems continue to use SMS for presentment, authorization, and authentication,[17] while the payment itself is processed through existing payment networks such as credit and debit card networks. These solutions combine the ubiquity of the SMS channel,[18] with the security and reliability of existing payment infrastructure. Since SMS lacks end-to-end encryption, such solutions employ a higher-level security strategies known as 'tokenization' and 'target removal' [19] whereby payment occurs without transmitting any sensitive account details, username, password, or PIN.

To date, point-of-sales mobile payment solutions have not relied on SMS-based authentication as a payment mechanism, but remote payments such as bill payments,[20] seat upgrades on flights,[21] and membership or subscription renewals are commonplace.

In comparison to premium short code programs which often exist in isolation, relationship marketing and payment systems are often integrated with CRM, ERP, marketing-automation platforms, and reservation systems. Many of the problems inherent with premium SMS have been addressed by solution providers. Remembering keywords is not required since sessions are initiated by the enterprise to establish a transaction specific context. Reply messages are linked to the proper session and authenticated either synchronously through a very short expiry period (every reply is assumed to be to the last message sent) or by tracking session according to varying reply addresses and/or reply options.[22]

Mobile web payments (WAP)[edit]

The consumer uses web pages displayed or additional applications downloaded and installed on the mobile phone to make a payment. It uses WAP (Wireless Application Protocol) as underlying technology and thus inherits all the advantages and disadvantages of WAP. Benefits include:[23][citation needed]

  1. Follow-on sales where the mobile web payment can lead back to a store or to other goods the consumer may like. These pages have a URL and can be bookmarked making it easy to re-visit or share.
  2. High customer satisfaction from quick and predictable payments
  3. Ease of use from a familiar set of online payment pages

However, unless the mobile account is directly charged through a mobile network operator, the use of a credit/debit card or pre-registration at online payment solution such as PayPal is still required just as in a desktop environment.

Mobile web payment methods are now being mandated by a number of mobile network operators.

Direct operator billing[edit]

Direct operator billing, also known as mobile content billing, WAP billing, and carrier billing, requires integration with the mobile network operator. It provides certain benefits:

  1. Mobile network operators already have a billing relationship with consumers, the payment will be added to their bill.
  2. Provides instantaneous payment
  3. Protects payment details and consumer identity
  4. Better conversion rates
  5. Reduced customer support costs for merchants
  6. Alternative monetization option in countries where credit card usage is low

One of the drawbacks is that the payout rate will often be much lower than with other mobile payments options. Examples from a popular provider:

  • 92% with PayPal
  • 85 to 86% with credit card
  • 45 to 91.7% with operator billing in the US, UK and some smaller European countries, but usually around 60%[24]

More recently, Direct operator billing is being deployed in an in-app environment, where mobile application developers are taking advantage of the one-click payment option that Direct operator billing provides for monetising mobile applications. This is a logical alternative to credit card and Premium SMS billing.

In 2012, Ericsson and Western Union partnered to expand the direct operator billing market, making it possible for mobile operators to include Western Union Mobile Money Transfers as part of their mobile financial service offerings.[25] Given the international reach of both companies, the partnership is meant to accelerate the interconnection between the m-commerce market and the existing financial world.[26]

Contactless near-field communication[edit]

Near-field communication (NFC) is used mostly in paying for purchases made in physical stores or transportation services. A consumer using a special mobile phone equipped with a smartcard waves his/her phone near a reader module. Most transactions do not require authentication, but some require authentication using PIN, before transaction is completed. The payment could be deducted from a pre-paid account or charged to a mobile or bank account directly.

Mobile payment method via NFC faces significant challenges for wide and fast adoption, due to lack of supporting infrastructure, complex ecosystem of stakeholders, and standards.[27] Some phone manufacturers and banks, however, are enthusiastic. Ericsson and Aconite are examples of businesses that make it possible for banks to create consumer mobile payment applications that take advantage of NFC technology.[28]

NFC vendors in Japan are closely related to mass-transit networks, like the Mobile Suica used since 28 January 2006 on the JR East rail network. The mobile wallet Osaifu-Keitai system, used since 2004 for Mobile Suica and many others including Edy and nanaco, has become the de facto standard method for mobile payments in Japan. Its core technology, Mobile FeliCa IC, is partially owned by Sony, NTT DoCoMo and JR East. Mobile FeliCa utilize Sony's FeliCa technology, which itself is the de facto standard for contactless smart cards in the country. NFC was used in transports for the first time in the world by China Unicom and Yucheng Transportation Card in the tramways and bus of Chongqing on 19 January 2009,[29] in those of Nice on 21 May 2010,[30] then in Seoul[31] after its introduction in Korea by the discount retailer Homeplus in March 2010[32] and it was tested then adopted or added to the existing systems in Tokyo from May 2010 to end of 2012.[33][34] After an experimentation in the metro of Rennes in 2007, the NFC standard was implemented for the first time in a metro network, by China Unicom in Beijing on 31 December 2010.[35]

Other NFC vendors mostly in Europe use contactless payment over mobile phones to pay for on- and off-street parking in specially demarcated areas. Parking wardens may enforce the parking by license plate, transponder tags, or barcode stickers.

In Europe, the first experimentations of mobile payment took place in Germany during 6 months, from May 2005, with a deferred payment at the end of each month on the tramways and bus of Hanau with the Nokia 3220 using the NFC standard of Philips and Sony.[36]

In France, the immediate contactless payment was experimented during 6 months, from October 2005, in some Cofinoga shops (Galeries Lafayette, Monoprix) and Vinci parkings of Caen with a Samsung NFC smartphone provided by Orange in collaboration with Philips Semiconductors (for the first time, thanks to "Fly Tag", the system allowed to receive as well audiovisual informations, like bus timetables or cinema trailers from the concerned services).[37][38] From 19 November 2007 to 2009, this experimentation was extended in Caen to more services and three additional mobile phone operators (Bouygues Telecom, SFR and NRJ Mobile) and in Strasbourg[38] and on 5 November 2007, Orange and the transport societies SNCF and Keolis associated themselves for a 2 months experimentation on smartphones in the metro, bus and TER trains in Rennes.[39][38] After a test conducted from October 2005 to November 2006 with 27 users,[40] on 21 May 2010, the transport authority of NiceRégie Lignes d'Azur was the first public transport provider in Europe to add definitely to its own offer a contactless payment on its tramways and bus network either with a NFCbank card or smartphone application notably on Samsung Player One (with the same mobile phone operators than in Caen and Strasbourg), as well as the validation aboard with them of the transport titles and the loading of these titles onto the smartphone, in addition to the season tickets contactless card.[41][30] This service was as well experimented then respectively implemented for NFC smartphones on 18 and 25 June 2013 in the tramways and bus of Caen[42][43] and Strasbourg.[44][45] In Paris transport network, after a 4 months testing from November 2006 with Bouygues Telecom and 43 persons[40] and finally with 8,000 users from July 2018, the contactless mobile payment and direct validation on the turnstile readers with a smartphone was adopted on 25 September 2019[46][47][48] in collaboration with the societies Orange, Samsung, Wizway Solutions, Worldline and Conduent.

First conceptualized in the early 2010s,[citation needed] the technology has seen as well commercial use in this century in Scandinavia and Estonia. End users benefit from the convenience of being able to pay for parking from the comfort of their car with their mobile phone, and parking operators are not obliged to invest in either existing or new street-based parking infrastructures. Parking wardens maintain order in these systems by license plate, transponder tags or barcode stickers or they read a digital display in the same way as they read a pay and display receipt.

Other vendors use a combination of both NFC and a barcode on the mobile device for mobile payment, because many mobile devices in the market do not yet support NFC.[49]

Others[edit]

QR code payments[edit]

Main article: QR code payment

QR Codes 2D barcode are square bar codes. QR codes have been in use since 1994.[50] Originally used to track products in warehouses, QR codes were designed to replace traditional (1D bar codes). Traditional bar codes just represent numbers, which can be looked up in a database and translated into something meaningful. QR, or “Quick Response” bar codes were designed to contain the meaningful info right in the bar code.

QR Codes can be of two main categories:[51][citation needed]

  • The QR Code is presented on the mobile device of the person paying and scanned by a POS or another mobile device of the payee
  • The QR Code is presented by the payee, in a static or one time generated fashion and it is scanned by the person executing the payment

Mobile self-checkout allows for one to scan a QR code or barcode of a product inside a brick-and-mortar establishment in order to purchase the product on the spot. This theoretically eliminates or reduces the incidence of long checkout lines, even at self-checkout kiosks.

Cloud-based mobile payments[edit]

Google, PayPal, GlobalPay and GoPago use a cloud-based approach to in-store mobile payment. The cloud based approach places the mobile payment provider in the middle of the transaction, which involves two separate steps. First, a cloud-linked payment method is selected and payment is authorized via NFC or an alternative method. During this step, the payment provider automatically covers the cost of the purchase with issuer linked funds. Second, in a separate transaction, the payment provider charges the purchaser's selected, cloud-linked account in a card-not-present environment to recoup its losses on the first transaction.[52][53][54]

Audio signal-based payments[edit]

The audio channel of the mobile phone is another wireless interface that is used to make payments. Several companies have created technology to use the acoustic features of cell phones to support mobile payments and other applications that are not chip-based. The technologies Near sound data transfer (NSDT), Data Over Voice and NFC 2.0 produce audio signatures that the microphone of the cell phone can pick up to enable electronic transactions.[55]

Direct carrier/bank co-operation[edit]

In the T-Cash[56] model, the mobile phone and the phone carrier is the front-end interface to the consumers. The consumer can purchase goods, transfer money to a peer, cash out, and cash in.[57] A 'mini wallet' account can be opened as simply as entering *700# on the mobile phone,[58] presumably by depositing money at a participating local merchant and the mobile phone number. Presumably, other transactions are similarly accomplished by entering special codes and the phone number of the other party on the consumer's mobile phone.

Magnetic secure transmission[edit]

Main article: Magnetic secure transmission

In Magnetic secure transmission (MST), a smartphone emits a magnetic signal that resembles the one created by swiping a magnetic credit card through a traditional credit card terminal. No changes to the terminal or a new terminal are required.

Bank transfer systems[edit]

Swish is the name of a system established in Sweden.[59] It was established through a collaboration from major banks in 2012 and has been very successful, with 66 percent of the population as users in 2017.[60] It is mainly used for peer-to-peer payments between private people, but is also used by church collect, street vendors and small businesses. A person's account is tied to his or her phone number and the connection between the phone number and the actual bank account number is registered in the internet bank. The electronic identification system mobile BankID, issued by several Swedish banks, is used to verify the payment. Users with a simple phone or without the app can still receive money if the phone number is registered in the internet bank. Like many other mobile payment system, its main obstacle is getting people to register and download the app, but it has managed to reach a critical mass and it has become part of everyday life for many Swedes.

Swedish payments company Trustly also enables mobile bank transfers, but is used mainly for business-to-consumer transactions that occur solely online. If an e-tailer integrates with Trustly, its customers can pay directly from their bank account. As opposed to Swish, users don't need to register a Trustly account or download software to pay with it.

The Danish MobilePay and Norwegian Vipps are also popular in their countries. They use direct and instant bank transfers, but also for users not connected to a participating bank, credit card billing.

In India, a new direct bank transfer system has emerged called as Unified Payments Interface. This system enables users to transfer money to other users and businesses in real-time directly from their bank accounts. Users download UPI supporting app from app stores on their Android or iOS device, link and verify their mobile number with the bank account by sending one outgoing SMS to app provider, create a virtual payment address (VPA) which auto generates a QR code and then set a banking PIN by generating OTP for secure transactions. VPA and QR codes are to ensure easy to use & privacy which can help in peer-to-peer (P2P) transactions without giving any user details. Fund transfer can then be initiated to other users or businesses. Settlement of funds happen in real-time, i.e. money is debited from payer's bank account and credited in recipient's bank account in real-time. UPI service works 24x7, including weekends and holidays. This is slowly becoming a very popular service in India and is processing monthly payments worth approximately $10 billion as in October 2018.[61]

In Poland, Blik - mobile payment system created in February 2015 by the Polish Payment Standard (PSP) company. To pay with Blik, you need a smartphone, a personal account and a mobile application of one of the banks that cooperate with it. The principle of operation is to generate a 6-digit code in the bank's mobile application. The Blik code is used only to connect the parties to the transaction. It is an identifier that associates the user and a specific bank at a given moment. For two minutes, it points to a specific mobile application to which - through a string of numbers - a request to accept a transaction in a specific store or ATM is sent. Blik allows you to pay in online and stationary stores. By the Blik, we can also make transfers to the phone or withdraw money from ATMs.[62]

Mobile payment service provider model[edit]

There are four potential mobile payment models:[63]

  1. Operator-Centric Model: The mobile operator acts independently to deploy mobile payment service. The operator could provide an independent mobile wallet from the user mobile account(airtime). A large deployment of the Operator-Centric Model is severely challenged by the lack of connection to existing payment networks. Mobile network operator should handle the interfacing with the banking network to provide advanced mobile payment service in banked and under banked environment. Pilots using this model have been launched in emerging countries but they did not cover most of the mobile payment service use cases. Payments were limited to remittance and airtime top up.
  2. Bank-Centric Model: A bank deploys mobile payment applications or devices to customers and ensures merchants have the required point-of-sale (POS) acceptance capability. Mobile network operator are used as a simple carrier, they bring their experience to provide Quality of service (QOS) assurance.
  3. Collaboration Model: This model involves collaboration among banks, mobile operators and a trusted third party.
  4. Peer-to-Peer Model: The mobile payment service provider acts independently from financial institutions and mobile network operators to provide mobile payment.

See also[edit]

References[edit]

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Sours: https://en.wikipedia.org/wiki/Mobile_payment

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How does NFC mobile money transactions work?

NFC payment works just as any normal contactless card payment.

Every card (even the "virtual" one you are using when paying with NFC) has an account it is bound to. It could be your debit account, or it could be an anonymous account used with an prepaid card. No card acctualy "has money" in it. The money is on an account.

When you pay with the card, it authenticates itself in some manner - it may require the POS to ask your bank for authentication, it may do it offline. You may be asked for your PIN. Then the transaction is authorized, in one way or another. If everything is fine, you get what you purchased.

A bit later, the acquirer providing services for your merchant (the person you paid) sends information about the transaction (through visa, mastercard or other similar organisation) to your bank. The bank then gives them the money from your account. Of course, your bank, visa/mastercard/... and the acquirer take a bit of the money to cover their expenses, so the merchant actually gets a little less than you paid. Its called the interchange fee.

Thats the general scenario, and most of the NFC payment options use it in one way or another, differing only on the exact way of authenticating the "virtual" card and authorizing the payment. This allows the NFC payment methods to utilize the existing contactless payment infrastructure.

If youre interested in the details of contactless payment, or chip card payment in general, look up the EMV standard. If im not mistaken, around 35% of payment cards and around 65% of PointsOfSale use this standard. A good place to start is http://www.emvco.com/. You can find a quite comprehensive guide here: http://www.emvco.com/best_practices.aspx?id=217

answered Sep 7 '12 at 15:09

K.L.K.L.

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Sours: https://stackoverflow.com/questions/6905092/how-does-nfc-mobile-money-transactions-work


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