Article Preview
TopIntroduction
The cutting edge in the development of mobile technology coupled with the availability of mobile handsets has encouraged the design and deployment of value-added mobile-enabled applications and services. Mobile payment is considered as payments made or enabled through digital mobile technology via handheld devices with or without the use of mobile telecommunications networks (Diniz et al, 2011; Karsen et al, 2019). These payments are digital financial transactions but may not be necessarily linked to any financial institutions or banks (Diniz et al., 2011). Mobile payment is defined as the completion of any transaction in which a mobile device such as smartphones and tablets are used to initiate, authorize and confirm an exchange of financial value in return for goods and services (Blöchlinger, 2012; Taylor, 2016). Mobile payment takes advantage of wireless and other communication technologies to process payments of goods, services, and bills with the aid of a mobile device (Dahlberg et al., 2008). Mobile payment systems are seen as drivers of socio-economic development to boost economic growth and the creation of an ecosystem ranging from regulators, financial institutions, device manufacturers, and retailers to consumers (Karsen et al., 2019).
Mobile payment is a form of payment transaction which uses mobile communication techniques together with mobile devices for initiation, authorization, or completing of payment (Goeke & Pousttchi, 2010). This enables the payment of goods and services digitally without the need to pay cash, or use credit cards or cheques (Nguyen & Lu, 2018). The constituents of the mobile payment cycles are technology producers, mobile payment service providers, merchants, and consumers (Ondrus & Pigneur, 2006). Near Field Communication (NFC) and quick response (QR) code are the technological fundamentals for mobile payment development (Nguyen & Lu, 2018). The NCF is a form of technology that enables the communication between a mobile device (contactless card) and a payment terminal (Faulkner, 2015). NFC works based on a Chip that is developed from radio frequency identification (RFID) technology that is built into devices such as smartphones and payment readers (Profis, 2014; Pu et al., 2019). In addition, it ensures that when two devices are placed against each other, one chip will be activated by another thereby triggering the transfer of data between the two devices (Faulkner, 2015). Alipay, Android Pay, Samsung Pay, and Wechat pay all use this technology (Nguyen & Lu, 2018). The QR code is considered a type of bar-code with a square pattern which enables it to be scanned by computers and information such as website, basic text or numeric information can be assigned to a QR code (Nguyen & Lu, 2018; Pu et al., 2019). QR code works in such a way that when it is scanned by laser scanners or a camera on a mobile phone, the patterns are then decoded by the software and then the linked information is revealed (Nguyen & Lu, 2018; Pu et al., 2019).