Mobile payment, a new and rapidly-adopting payment method instead of paying with cash, check or credit cards, a consumer can use a mobile phone to pay for wide range of services and digital or hard goods. One of the four primary models for mobile payments, Contactless NFC (Near Field Communication) is mostly used for purchases in stores or transportation services.The world's first contactless mobile payment service has been launched in Malaysia, according to Malaysian mobile operator Maxis Communications Bhd, in collaboration with Nokia, Visa, Maybank and Touch ‘n Go, has launched Maxis FastTap, an integrated mobile payment service that utilises Near Field Communication (NFC) technology.
The system of payment is whereby the consumer uses a special mobile phone attached with a
smartcard waves his/her phone near a reader module. Most transactions do not require verifications however some are required verifications using PIN codes before transaction is completed. The payment could be deducted from pre-paid account or charged to mobile or bank account directly.The Contactless enabled payments easier and less costly to handle than cash including other traditional payment methods such as end users benefit from the convenience of being able to pay for parking from the comfort of their car with their mobile phone.
References:
2.http://www.networkworld.com/news/2009/040909-contactless-mobile-payment-system-launches.html?hpg1=bn
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