Payments

What are Mobile Payments?

There is a whole range of different types of mobile payment services including WAP, SMS, QR Codes, NFC and mBanking. Below is a breakdown of each of these mobile payment services:

SMS Payments: You send a payment request via SMS and a charge is applied to your phone bill. The merchant is informed of the charge and then releases the goods, which are most often digital (i.e. music, ringtones, apps etc.). In some cases an MMS message containing a QR barcode is delivered to you and scanned by the merchant for payment confirmation (i.e. electronic ticketing). This type of payment is often used for charity donations as well. .

Mobile Web Payments (WAP): This is just shopping on a mobile website or regular website through your mobile phone browser. You enter your credit card and mailing information onto the website to pay for your desired products or services much in the same way as you would on your PC or laptop.

QR Code: Payment by QR Codes is a fast and efficient contact payment solution via Smart Phones. The user scans a QR barcode using the QR Pal application to complete a payment transaction.

Near Field Communications (Contactless NFC): An NFC enabled phone contains a radio frequency ID (RFID) chip or NFC technology, which communicates with the merchant's terminal allowing transactions to be triggered wirelessly. NFC Payments are currently limited to $15 without entering a PIN.

mBanking: It is now possible to make payments and transfers via online banking and banking applications on your mobile phone.