The audio channel of the mobile phone is another wireless interface that is used to make payments. Several companies have created technology to use the acoustic features of cell phones to support 휴대폰결제현금화 and other applications that are not chip-based. The technologies like near sound data transfer , data over voice and NFC 2.0 produce audio signatures that the microphone of the cell phone can pick up to enable electronic transactions. Both seller and user/buyer are required to establish an account with the same micropayment provider for easier and safer implementation. A company hires a developer from ‘The Freelance’ to make few changes on their website for $1/hr.
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The company was acquired by eBay and integrated with PayPal in 2011. A service provided by TIMWE, M-Coin allows users to make micropayments on the Internet. The user’s phone bill is then charged by the mobile network operator.
This system enables users to transfer money to other users and businesses in real-time directly from their bank accounts. VPA and QR codes are to ensure easy to use & privacy which can help in peer-to-peer transactions without giving any user details. Fund transfer can then be initiated to other users or businesses. Settlement of funds happen in real-time, i.e. money is debited from payer’s bank account and credited in recipient’s bank account in real-time. This is slowly becoming a very popular service in India and is processing monthly payments worth approximately $10 billion as in October 2018. Since all the above points are now achievable, micropayment has recently been reconsidered as a viable technology, largely due to the development of cellular networks.
It is mainly used for peer-to-peer payments between private people, but is also used by churches, street vendors, and small businesses. A person’s account is tied to his or her phone number and the connection between the phone number and the actual bank account number is registered in the internet bank. The electronic identification system mobile BankID, issued by several Swedish banks, is used to verify the payment. Users with a simple phone or without the app can still receive money if the phone number is registered in the internet bank. Like many other mobile payment system, its main obstacle is getting people to register and download the app, but it has managed to reach a critical mass and it has become part of everyday life for many Swedes.