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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.
The PhonePe app, based on the Unified Payments Interface, went live in August 2016. [9] [10] The PhonePe app is accessible in 11 Indian languages. [11] It enables users to perform various financial transactions such as sending and receiving money, recharging mobile and DTH, making utility payments, conducting in-store payments. [12] [13]
Mobile Payment Forum of India (MPFI) is the umbrella organisation which is responsible for deploying mobile payments in India. [3] India is the world's largest-growing mobile payments market. [4] Mobile payment surpassed credit card transactions in 2021, clocking an annual value greater than $1 trillion. [5]
Unified Payments Interface (UPI) is an Indian instant payment system as well as protocol developed by the National Payments Corporation of India (NPCI) in 2016. The interface facilitates inter-bank peer-to-peer (P2P) and person-to-merchant (P2M) transactions. [1] [2] It is used on mobile devices to instantly transfer funds between two bank ...
Recent statistics (OECD Communications Outlook 2005) indicate that 40% of the total mobile phone market in the OECD region consists of prepaid accounts. This service was invented by Portuguese provider TMN, while researching for a means to increase penetration of mobile technology by allowing anyone to buy a fully working (usually requiring a quick and simple activation process) mobile phone ...
A prepaid mobile device, also known as a pay-as-you-go (PAYG), pay-as-you-talk, pay and go, go-phone, prepay, or burner phone, is a mobile device such as a phone for which credit is purchased in advance of service use. The purchased credit is used to pay for telecommunications services at the point the service is accessed or consumed.