Such payments would allow users to pay for online content and allow the creation of low-cost networks as opposed to an advertising-based model. These technological efforts are seeing consumers’ costs diminish to as low as a few cents. The problem with such low fees is that they may not feasibly be processable through credit card companies and their traditional transaction fee-based system. These solutions combine the ubiquity of the SMS channel, with the security and reliability of existing payment infrastructure. Since SMS lacks end-to-end encryption, such solutions employ higher-level security strategies known as ‘tokenization’ and ‘target removal’ whereby payment occurs without transmitting any sensitive account details, username, password, or PIN. 휴대폰결제현금화 are becoming a key instrument for payment service providers and other market participants, in order to achieve new growth opportunities, according to the European Payments Council .

A person with a bank account in virtually any bank can register for the mobile banking service and provide her mobile phone number to her bank. The bank would enable downloading of an application on her phone and provide her an MMID. Now, she can operate her bank account completely through her phone. Most banks would allow her to check her balance, view past transactions, make bill payments and now the person-to-person payments. Looking ahead, the continued push towards the integration of RFID chips with mobile phones will begin to generate significant transaction volumes over the next few years. It is predicted that the continued growth of wireless technology in European markets will drive significant growth in mobile payments in Europe from 2005 onwards.

However, Mr. Lippert said as more online goods and services are introduced and U.S. consumers begin doing business in Europe, Asia and South America, the need for mobile payments will grow. With Xip, Mobile operators now have access to the spend and earning related data for Merchants and Consumers. Based on the user profiles and the transaction history, mobile operators can extend micro credits/small loans to its user base. This will not only help the mobile operator in expanding its services significantly, but also generate a loyal customer base resulting in a lower churn.

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