Mobile payments (mPayments)- an exploratory study of emerging issues and future trends

With the growing momentum of wireless revolution and mCommerce explosion, it is evident that mobile devices are becoming a critical component of the new digital economy. As mobile markets continue to mature, being able to pay using the mobile handset will be key to the development of next generation services. The current market penetration of mobile phones in conjunction with the expected growth of mCommerce, offers high potential for mPayment growth over the next few years. When mobile phones are equipped with a device to protect personal information, the security level of an entire service, including the network, improves considerably. However, the mobile payments market today is typical of an emergent one, encumbered with an abundance of approaches and concepts that may not interoperate. In this paper, we have explored the broad range of available mPayment methods, emerging issues in standardization, security and some proposed/ existing solutions.