According to Juniper Research, annual retail payments on mobile handsets and tablets are expected to reach $ 707 billion by 2018. This shows the future importance and entrenchment of mobile payments. Mobile payment models include:
- SMS payments: These are text-based payments which have gained currency as one of the most popular methods of making payments through mobile phones.
- NFC payments: Near Field Communication (NFC) payments are executed through mobile phones that communicate with each other and with other NFC-enabled points of sale, utilizing radio frequency identification.
- WAP payments: It involves use of Wireless Application Protocol (WAP) facility to make payments through web pages displayed or additional applications downloaded and installed on the mobile phone. WAP payments can be executed through online payment methods such as PayPal, Google Wallet, or Yahoo Wallet, or through credit card details into the payment box of a company’s WAP-enabled website.
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