Mobile payment includes long-distance payment methods and close-range payment methods. The main technical implementations of long-distance mobile payment are SMS (Short Message Service), WAP (Wireless Application Protocol), client (mobile phone software) and USSD (unstructured supplementary data service). The main technical implementations of short-range mobile payment are infrared and NFC (close-range contactless technology).
NFC or the future of mobile payment
In specific applications, the USSD and infrared methods have been largely replaced by other means. In the rest of the way, the short message method is the easiest, is the early practice of mobile payment, and is the starting point for cultivating the consumer experience. This method is suitable for providing mobile banking services, such as account inquiry, account change notification, transfer, etc., and is recognized and supported by banking institutions.
With the popularity of mobile Internet applications, the WAP (Wireless Application Protocol)/WEB approach has also begun to receive attention. These two methods do not depend on telecom operators, operators and mobile terminals will be channelized. This approach is strongly supported by banks and third-party payment agencies. Currently, a number of institutions, including Industrial and Commercial Bank of China, China Construction Bank, and Alipay, have launched WAP-based payment services.
In order to enhance the interactivity and security of mobile payments, and to increase the richness of the business, the client approach has gradually been promoted. The client approach is also not dependent on the telecom operator. For example, at the end of 2008, China UnionPay also adopted the "client + SD card package" approach to provide services. This strategy brings banking institutions closer to users and reduces user dependence on terminals and operators. In the United States, Visa cooperates with Google and JP Morgan to promote client-based mobile payment methods, in which Visa provides a mobile payment platform, and Google provides client software based on the Android platform.
Compared with the above manner, the NFC method requires the support of the terminal very much, and is generally bundled with the SIM card of the mobile phone. Operators have greater control over this type of application. At the same time, this method can provide the most convenient service, so it is strongly supported by operators. In early 2008, the GSMA (Mobile Communications Asia Conference) established the Pay-Buy-Mobile program and released a single-line transmission protocol based on SIM cards. There are currently about 35 international mainstream operators supporting the program.
From the perspective of development trends, SMS and client methods are suitable for providing mobile banking services; WAP/WEB methods can provide better remote (online) shopping experience in addition to mobile banking; and NFC is suitable for offline shopping malls and convenience stores. Payment application for parking lots and other occasions. The various parties involved in the mobile payment industry chain are also focused on the business model and development strategy based on their different control capabilities.
From the perspective of user experience, because the traditional Internet has been able to provide convenient online banking services and online shopping services, SMS, WAP/WEB and client-side methods will only be a supplementary means in the inconvenient situation, especially suitable for some inconvenient Internet access through PC. Student or mobile group. The NFC method is considered to be the mainstream of future mobile payment due to its high security and convenience.
Establish a strong cooperative business model
From the perspective of the industry chain, the main players in mobile payment mainly include: consumers, platform providers, banks, telecom operators and merchants. Among them, banks and telecom operators have high bargaining power among them. Therefore, the business model of mobile payment can be divided according to the degree of participation of the two in the industry chain.
If both parties want to establish a business model centered on themselves, then one party's enthusiasm for participation will inevitably decline, and ultimately, users will not be able to obtain an application experience in the best environment. On the other hand, if both parties rationally recognize each other's advantages and cooperate under a reasonable business sharing model, it will help to provide a full range of application services.
From the development experience of Japan and South Korea, the strong business model of banks and telecom operators can promote business development relatively quickly. For example, a Korean credit card company usually charges 2.5% of the transaction amount, but when using the mobile phone credit card business, 1% of the 2.5% merchant discount is used to subsidize the cost of the consumer to purchase the mobile phone, and 0.3% is the wireless carrier. The credit card company received the remaining 1.2%. At present, all parties in the industry chain, including credit card companies, are satisfied with this arrangement.
Still facing four major problems
As far as China's development is concerned, the development of mobile payment mainly faces the following problems.
First, the legal system and industry norms have yet to be improved. At present, China's legal system in the field of electronic payment has not been perfected, and the responsibility and division of labor of the participating parties lack clear legal descriptions. At the same time, there are no reliable industry practices in terms of industry operations. This makes the mobile payment application have certain legal risks and operational risks.
Second, user credit and information security issues are serious. Due to the widespread existence of spam messages, telephone fraud and tariff traps, the credibility of mobile value-added services is low, which may affect users' willingness to further use mobile value-added services. In terms of mobile payments, users also face security concerns.
Third, the business model is waiting to be solved. In general, China's mainstream operators and mainstream banking institutions all want to establish a business model centered on themselves, which has affected the further development of the industry.
Fourth, the problem of client installation and custom terminal cost is to be solved. Since mobile payments may require the installation of client software or the use of specific NFC-enabled terminals, this requires users to overcome knowledge barriers and handset replacement costs. In general, only by providing users with certain preferential services, users will have greater enthusiasm to purchase customized mobile phones and use the business. From this point of view, if the user is charged, it is impossible to attract the user to apply the mobile payment means instead of the cash payment or the bank card payment.
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