State of the Art Review of Mobile Payment Technology

Abstract

[Introduction] Mobile payments will gain significant traction in the coming years as the mobile and payment technologies mature and become widely available. Various technologies are competing to become the established standards for physical and virtual mobile payments, yet it is ultimately the users who will determine the level of success of the technologies through their adoption. Only if it becomes easier and cheaper to transact business using mobile payment applications than by using conventional methods will they become popular, either with users or providers. This document is a state of the art review of mobile payment technologies. It covers all of the technologies involved in a mobile payment solution, including mobile networks in section 2, mobile services in section 3, mobile platforms in section 4, mobile commerce in section 5 and different mobile payment solutions in sections 6 to 8.