Concept Of Money

Concept Of Money

By:


As society progressed and when men started dealing with one another, they felt the need of giving back something in exchange for the services or objects they had offered. This gave rise to the concept of barter system, where goods were exchanged for one another. From then on, commodity money (barley, sliver, and gold) was invented where the value depended on the intrinsic value of the commodity. Fiat money in use today derives its value as a promise of the government issuing it. Then came credit cards, which made it unnecessary to carry loads of money, a simple plastic card would be enough. Now, we are on the brink of the next revolution in the form of a mobile phone. You have been using your phone to make mobile payments in some form of the other over the last few years. Mobile payment is now poised to become the most widely used if not the only form of payment available.
Where Do We Use Mobile payments?
Without really being aware of it, we have already been making use of the mobile billing services when we:
Download wallpapers, ringtones, videos, and games on the mobile phone
Purchase movie tickets, books, magazines, or such other stuff using the mobile
Pay for the train, subway, or bus travel using the phone
How Does Mobile payment Work?
The basic models on which mobile payments operate include:
Transactions carried through a SMS: In this method, the customer sends a payment request using a SMS which is billed to their phone bill. Once the success of the transaction is verified, the merchant in question releases the goods/services to the customer using another message that might contain a PIN or a barcode for access to the goods/service.
Direct Mobile Billing: Under this method, mobile payment is just an additional option of payment for an e-commerce transaction. So, much like paying using credit/debit card, the customer selects the mobile billing option and after a two stage authentication, can purchase the goods and be billed to his mobile.
WAP based payments: Using the Wireless Application Protocol (WAP) the consumer connects to the web pages on the internet and carries out the required transaction. Depending on the arrangement with the mobile operator, the consumer can be billed for the transaction to his mobile account or he might have to pay using his credit or debit cards just like any other PC-based transaction. The online wallets offered by some internet companies need you to enter credit card information only once, after that the transaction can be carried out with just entering the PIN.
Contactless Near Field Communication (NFC): In this method, the smart card in the mobile phone carries the account information and the phone just needs to be waved near the reader for the transaction to happen.
No matter what the platform, this form of payment is here to stay.

About the Author:
Ms.Laura Wilson a business entrepreneur who carries successful business of Mobile Payment,Pay By Sms,Sms Pay, Mobile Payments,Premium Sms.For more information please visit: http://www.txtnation.com/



Article Originally Published On: http://www.articlesnatch.com


Tags: , ,

|

Loading...
Related....
Videos...

Recent Business Articles

Comments

Still can't find what you are looking for? Search for it!

Loading

Site Navigation:

Copyright 2005-2011 ArticleSnatch, LLC - All Rights Reserved.
Privacy Policy | Terms of Service.