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How Mobile Payment Systems Work: A Complete Guide

A sort of mobile payment is defined as any payment done with a mobile device. Because of our increased reliance on smartphones, a multitude of techniques for customers to pay using their phones has been developed. Mobile payments are convenient and secure, so it should be no surprise that services like Apple Pay are growing in popularity.

A person paying a bill through their mobile phone

If you have a physical outlet or store, mobile payment is extremely critical. Businesses or firms that have fully implemented, specialized, and customized mobile payments within their payments system, either offline or online, have earned a competitive edge. 

In this blog, we’ll list down everything you need to know about mobile payment systems and how they work.

How Different Mobile Payment Systems Work

1.    Magnetic Secure Transmission (MST)

One type of mobile payment is magnetic secure transmission (MST). Samsung Pay combines NFC and MST for fast smartphone payments.

When a smartphone emits a magnetic signal that looks like the magnetic stripe on a debit or credit card, the terminal gets it and processes it just like a physical card. Although certain card machines may require a software update to support MST, the majority of new terminals do.

Because they both use a secure tokenization approach, MST is just as safe as NFC, and it’s better than using physical cards.

2.    Near Field Communication (NFC)

NFC (near-field communication) transactions are gaining popularity. Digital wallets that utilize NFC-enabled contactless smart card machines include Apple Pay, Google Pay, and Samsung Pay.

To communicate with NFC-enabled machines, NFC phones use a close-radio RFID system. Phones do not need to touch the cash register to transfer data, such as money, but they must be near the terminal.

Unlike PIN and chip technology, which takes much longer, NFC allows for the direct, almost instantaneous delivery of encrypted information to POS systems.

3.    QR Code Payments

QR codes have a wide range of applications and can be seen in marketing, on labels, and in seemingly random places. Many people are not aware that they’re also useful in making purchases. It works with specific banking applications that already have your cards linked to them, as well as other applications from retailers and providers that can link your card information.

A person scanning a QR code

You can scan a QR code at a store or shop, and the payment will go through after necessary verification.

4.    Sound-Wave-Based Payments

Sound waves or signals-based payments are a current, cutting-edge technology that works with most cellphones. Without the use of the internet, transactions are carried out using unique sound signals that transmit encrypted payment information. To communicate payment information, a machine sends vibrations to a person’s phone, which then converts the data into analog signals that complete the transaction.

Any card machine, banking app, or mobile wallet can benefit from a simple software change instead of relying on built-in technologies like NFC. There is no additional hardware required.

If you use online mobile payments frequently, we can help and facilitate you. Prepaid Cell Pay is a mobile recharge service provider that gives access to all mobile carriers worldwide, making it easier for users to pay online mobile bills by getting an online recharge. All mobile payments are processed within seconds and in a secure environment. We also offer instant mobile top-ups from anywhere in the world. You can now send data and minutes to your loved ones in over 140 countries with their services. Contact us now for further details.