Mobile Payments and Financial Services

Payments and the banking system is a very integral part of everyone’s life and with time the way to transfer money is changing a lot. Earlier in ancient times, the transaction was used to do in form of metals or goods exchanges, after that the coins and note come but now we have evolved a lot in terms of technology and also in terms of adaptation of technologies. The biggest part of this revolution is moving around our mobile phone which is becoming a major part of the transaction systems

Mobile Payment : Mobile payments or mobile financial services are now the one of the major transaction system after physically currency transaction. The reason is its hassle free, quite cheap, require minimal effort to setup the account and also quite handy to use.

When we talk about the mobile payment there are multiple ways or technologies which are currently in market

1. Mobile Wallets or mWallets : this is a decade old technology in which the user can create an account to some service provider like Paytm, airtel money etc and can deposit the amount into them and using that he or she can do the financial transaction. Mobile wallets are can also be used in online shopping, international remittance, wallet to bank or bank to wallet transfer, bank to bank or wallet to wallet transfer, recharges and others. But is not easy to maintain the balance in your mWallet, each and every time you need to add some money into your wallet if your wallet doesn't have the amount which is sometimes not an easy task due to technical difficulties and network glitches.
2. UPI’s : To overcome the issues of mWallet a new technology comes which is known as UPI-Unified Payment Interface. In this, you just need to link your bank account with your mobile phone number and you are ready to do the transactions. It's quite easy and usable. Also, the maintenance of UPI is quite hassle-free but it has some security concerns. You are just a pin away from fraud and the chances of your getting fraud are quite high if you don’t use the UPI in a smart way.
3. Tap and Pay : To overcome the issue of UPI and mWallets a new tech is in the market which is called Tap and Pay where you just need to tap your card or mobile phone and the amount will be deducted from your bank account. Quite advanced and easy to use. No hassle of maintaining any pin or any wallets and you can use I anywhere without connectivity of your mobile device as this technology works on NFC Technology which is quite reliable in terms of security as this is a chip-based authentication system you don’t need to have been connected with internet all the times. But what will happen if your wallet or mobile get stolen ???
4. Retina Scan: So the answer to the above question is Retina scan based payment. Although this technology is quite new and not much developed with initial POC's and benchmarking it shows some promising results. It's safe, advanced and hassle-free. in Retina scan, you just need to scan your retina and the amount will be deducted from a bank account without any wallet pin or card. Just your Retina is done

There are a lot of new and innovative ways of payment are in either testing or in development i.e thumb impression-based payment or virtual payments using multi-verse technologies but how many of them are reliable that is is big question…?

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