List of Most Notable mobile wallets . 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, 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. The first patent exclusively defined “Mobile Payment System” was filed in 2000.
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”. These payment networks are often used for micropayments. 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). 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”.
Notable mobile wallets include:
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
Alipay (simplified Chinese: 支付宝; traditional Chinese: 支付寶) is a third-party mobile and online payment platform, established in Hangzhou, China in February 2004 by Alibaba Group and its founder Jack Ma. In 2015, Alipay moved its headquarters to Pudong, Shanghai, although its parent company Ant Financial remains Hangzhou-based. mobile wallets
Alipay overtook PayPal as the world’s largest mobile payment platform in 2013. As of 31 March 2018, the number of Alipay users reached 870 million. It is the world’s number one mobile payment service organization and the second largest payment service organization in the world. According to the statistics of the fourth quarter of 2018, Alipay has a 55.32% share of the third-party payment market in mainland China, and it continues to grow.
Apple Pay is a mobile payment and digital wallet service by Apple Inc. that allows users to make payments in person, in iOS apps, and on the web using Safari. It is supported on the iPhone, Apple Watch, iPad, and Mac. It is not available on any client device that is not made and sold by Apple (in particular, it cannot be used on any Android device, nor on any browser running on Windows). It digitizes and can replace a credit or debit card chip and PIN transaction at a contactless-capable point-of-sale terminal. It does not require Apple Pay-specific contactless payment terminals; it can work with any merchant that accepts contactless payments. It adds two-factor authentication via Touch ID, Face ID, PIN, or passcode. Devices wirelessly communicate with point of sale systems using near field communication (NFC), with an embedded secure element (eSE) to securely store payment data and perform cryptographic functions, and Apple’s Touch ID and Face ID for biometric authentication. mobile wallets
Originally launching in the United States, Apple Pay is available in Israel, Azerbaijan, Bahrain, the United Kingdom, Canada, Australia, Brazil, Mexico, Colombia, Costa Rica, the United Arab Emirates, Saudi Arabia, Qatar, Russia, Ukraine, Kazakhstan, China, New Zealand, Singapore, Hong Kong, Japan, Macau, Georgia, Belarus, Montenegro, Serbia, South Africa, and all countries in the European Economic Area (EEA). Apple Pay supports both international payment schemes—such as American Express, Visa (including Electron and V Pay), Mastercard (including Maestro), and Discover—as well as country-specific domestic payment schemes like China’s UnionPay, Japan’s JCB, France’s Cartes Bancaires, Canada’s Interac, Australia’s eftpos, Saudi Arabia’s mada, Germany’s Girocard and Russia’s Mir. Participating banks vary by region.
Apple Pay can also be used to ride some public transport networks either through the use of credit/debit cards (open loop) (for example across TfL in London, and at OMNY readers across New York City’s subway and bus network) or dedicated travel cards such as JR East’s Suica, the Chicago Transit Authority’s Ventra, the San Francisco Bay Area’s Clipper (closed loop) and Hong Kong’s Octopus Card.
BHIM (Bharat Interface for Money) is an Indian mobile payment App developed by the National Payments Corporation of India (NPCI), based on the Unified Payments Interface (UPI). launched on 30 December 2016, it is intended to facilitate e-payments directly through banks and encourage cashless transactions. mobile wallets
The application supports all Indian banks which use UPI, which is built over the Immediate Payment Service (IMPS) infrastructure and allows the user to instantly transfer money between bank accounts of any two parties. It can be used on all mobile devices
The app of UnionPay (Chinese: 云闪付; pinyin: Yúnshǎnfù, literally “Cloud QuickPass”) is a mobile and online payment service, developed and operated by UnionPay, the national Chinese bank card clearing service. Launched in 2017, it was designed to compete with the existing third-party Chinese mobile payment platforms, Alibaba Group’s Alipay and Tencent’s WeChat Pay.
The mobile app allows the user to add their UnionPay bank card, and use it for various types of online and mobile payments, including in-app online payments, QR code payments, as well as contactless payments on NFC-enabled devices using UnionPay’s QuickPass feature. mobile wallets
Google Pay (stylized as G Pay; formerly Android Pay) is a digital wallet platform and online payment system developed by Google to power in-app, online, and in-person contactless purchases on mobile devices, enabling users to make payments with Android phones, tablets, or watches. Users in the United States and India can also use an iOS device, albeit with limited functionality. In addition to this, the service also supports passes such as coupons, boarding passes, campus ID cards, car keys, event tickets, movie tickets, public transportation tickets, store cards, and loyalty cards.
As of 2020, it is currently available in 40 countries.
First Data Corporation is a financial services company headquartered in Atlanta, Georgia, United States. The company’s STAR Network provided nationwide domestic debit acceptance at more than 2 million retail POS, ATM, and Online outlets for nearly a third of all U.S. debit cards. mobile wallets
First Data has six million merchants, the largest in the payments industry. The company handles 45% of all US credit and debit transactions, including handling prepaid gift card processing for many US brands such as Starbucks. It processes around 2,800 transactions per second and $2.2 trillion in card transactions annually, with an 80% market share in gas and groceries in 2014. First Data’s SpendTrend Report is a key shopping metric for national news networks such as WSJ, USA Today, ESPN, The New York Times, Vox Media, and Bloomberg.
In October 2015, First Data returned to public markets, selling 160 million shares in the New York Stock Exchange’s biggest IPO of that year.
LG Pay is a mobile payment and digital wallet service by LG Electronics that lets users make payments using compatible phones and in the future are other LG-produced devices. The service supports contactless payments using near-field communications (NFC), but also incorporates wireless magnetic communication that allows contactless payments to be used on payment terminals that only support magnetic stripe and normal contactless cards.
The service is available in South Korea and the United States.
HUAWEI Wallet is your ticket to an easier life. Add your bank cards, transportations cards, loyalty cards, coupons, access cards, and more to your digital wallet so you can carry them around without the extra weight. mobile wallets
Mi-Pay is a contactless NFC-based mobile payment system that supports credit, debit and public transportation cards in China. The service was launched by Xiaomi in partnership with UnionPay. mobile wallets
In December 2018 Xiaomi launched Mi Pay in India with partnership with ICICI Bank. Apart from sending and receiving money, one can pay utility bills and mobile and broadband recharges.
Line, styled LINE, is a freeware app for instant communications on electronic devices such as smartphones, tablet computers, and personal computers. Line users exchange texts, images, video and audio, and conduct free VoIP conversations and video conferences. In addition, Line is a platform providing various services including digital wallet as Line Pay, news stream as LINE Today, video on demand as Line TV, and digital comic distribution as Line Manga and Line Webtoon. The service is operated by Line Corporation, a Tokyo-based subsidiary of Softbank Group and the Seoul-based Naver Corporation.
Line was launched in Japan in June 2011 by NHN Japan, a subsidiary of Naver Corporation. Because it was tailored to Japanese consumers’ tastes, and offered free smartphone calls as well as texting, with the help of a massive marketing campaign it quickly outpaced its existing rival KakaoTalk for the Japanese market. It reached 100 million users within 18 months and 200 million users six months later. Line became Japan’s largest social network in 2013, with more than 300 million users. By February 2015 had 600 million users.
In March 2021, SoftBank Group affiliate and Yahoo! Japan operator Z Holdings completed a merger with Line Corporation. Under the new structure, A Holdings, a subsidiary of SoftBank Corporation and Naver Corporation, will own 65.3% of Z Holdings, which will operate Line and Yahoo! Japan. Line is the most popular messaging application in Japan, Taiwan and Thailand mobile wallets
Samsung Pay is a mobile payment and digital wallet service by Samsung Electronics that lets users make payments using compatible phones and other Samsung-produced devices. The service supports contactless payments using near-field communications (NFC), but also supports magnetic strip–only payment terminals by incorporating magnetic secure transmission. In India it also supports bill payments.
The service was launched in South Korea on August 20, 2015 and in the United States on September 28 of the same year. In 2016, at the International Consumer Electronics Show (CES 2016), the telecommunications company announced that Samsung Pay would be coming soon to a variety of banks in Australia, Brazil, Spain and Singapore.
Venmo is an American mobile payment service founded in 2009 and owned by PayPal since 2012. Venmo was aimed at friends and family who wish to split bills, e.g. for movies, dinner, rent, or event tickets. Account holders can transfer funds to others via a mobile phone app; both the sender and receiver must live in the United States. The company handled $159 billion in transactions in the first quarter of 2018.
By default, Venmo publishes every peer-to-peer transaction (excluding the amount), a feature shown by researchers to reveal sensitive details about users’ lives in some situations. In 2018, the company settled with the Federal Trade Commission about several privacy and security violations related to this and other features, and made changes to the corresponding settings. However, Venmo continued to attract criticism for exposing users to possible privacy risks.
WeChat Pay (Chinese: 微信支付; pinyin: Wēixìn Zhīfù) is a mobile payment and digital wallet service by WeChat based in China that allows users make mobile payments and online transactions. As of March 2016, WeChat Pay had over 300 million users. WeChat Pay’s main competitor in China and the market leader in online payments is Alibaba Group’s Alipay. Alibaba company founder Jack Ma considered the red envelope feature to be a “Pearl Harbor moment”, as it began to erode Alipay’s historic dominance in the online payments industry in China, especially in peer-to-peer money transfer. The success prompted Alibaba to launch its own version of virtual red envelopes in its competing Laiwang service. Other competitors, Baidu Wallet and Sina Weibo, also launched similar features
Touch ‘n Go eWallet
Touch ‘n Go eWallet is a Malaysian digital wallet and online payment platform, established in Kuala Lumpur, Malaysia, in July 2017 as a joint venture between Touch ‘n Go and Ant Financial. It allows users to make payments at over 280,000 merchant touch points via QR code; pay for tolls, street parking, payment on e-hailing, car-sharing apps or taxis via RFID or PayDirect; pay bills; top-up mobile prepaid; pay for purchases on e-commerce websites or apps; order food delivery; perform peer-to-peer money transfers; renew car insurance and purchase unique insurance plans; and purchase movie, bus, trains, and airline tickets
PhonePe is an Indian digital payments and financial services company headquartered in Bangalore, India. PhonePe was founded in December 2015, by Sameer Nigam, Rahul Chari and Burzin Engineer. The PhonePe app, based on the Unified Payments Interface (UPI), went live in August 2016.
The PhonePe app is available in over 11 Indian languages. Using PhonePe, users can send and receive money, recharge mobile, DTH, data cards, make utility payments, pay at shops, invest in tax saving funds, liquid Funds, buy insurance, mutual funds, and gold. In addition PhonePe also allows users to book their Ola rides, pay for Redbus tickets, book flights and hotels on Goibibo through the Switch platform.
PhonePe is accepted as a payment option at over 17.5 million offline and online merchant outlets across 500 cities in India, covering food, travel, groceries, medicines, movie tickets etc. The app crossed 100 million user mark in June 2018 and also crossed 5 billion transactions in December 2019. It currently has over 280 million users. The company launched the PhonePe ATM in January 2020. The PhonePe ATM allows neighbourhood Kirana stores to dispense cash in real-time to customers.
PhonePe is licensed by the Reserve Bank of India for issuance and operation of a Semi Closed Prepaid Payment system with Authorization Number: 75/2014 dated 22 August 2014.
Paytm (a partial abbreviation for “pay through mobile”) is an Indian multinational technology company that specializes in digital payment system, e-commerce and finance, based in Noida, Uttar Pradesh. Paytm is currently available in 11 Indian languages and offers online use-cases like mobile recharges, utility bill payments, travel, movies, and events bookings as well as in-store payments at grocery stores, fruits and vegetable shops, restaurants, parking, tolls, pharmacies and educational institutions with the Paytm QR code. As of 2020, Paytm is valued at US$16 billion.
As per the company, more than 2 crore merchants across India use their QR code payment system to accept payments directly into their bank account. The company also uses advertisements and paid promotional content to generate revenues.
One97 Communications launched its IPO in November 2021, raising ₹18,300 crore (US$2.4 billion) at a valuation of US$20 billion.The shares began trading on 18 November 2021, opening at ₹1,950 on the NSE, 9.3% below the upper band of the IPO price range. The shares closed down more than 27% at ₹1,560
Amazon Pay is an online payments processing service owned by Amazon. Launched in 2007, Amazon Pay uses the consumer base of Amazon.com and focuses on giving users the option to pay with their Amazon accounts on external merchant websites. As of March 2021, the service is available in Austria, Belgium, Cyprus, Denmark, France, Germany, Hungary, India, Republic of Ireland, Italy, Japan, Luxembourg, Netherlands, Portugal, Spain, Sweden, Switzerland, United Kingdom, and the United States.
Amazon Pay announced a partnership with Worldpay in 2019 allowing Worldpay clients to enable Amazon Pay as a part of the same integration
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