User:Yanpeng Li2/sandbox

Mobile Payment Services: Development, Application & Challenges

Yangpeng Li, Student's ID:17960947

The mobile banking services have been constantly adopted by different banks, globally, which has eventually led to the development of mobile payment services. The mobile services have made it easier to access financial information and have reduced costs of banking for the banks leading to the application of mobile payment services for paying bills, avoiding long cash queues, etc. Alternatively, the security threats of data breach and malware have limited the adoption of mobile payment services.

Introduction
The mobile payment services have been among the latest technology development that allows the individuals to access the bank accounts and other payment services directly using their smartphones with internet access. Consequently, the different banks are investing in the development of their mobile web applications to facilitate mobile payment services through off-branch banking by providing advanced features and applications. As a result, this paper will summarize the developments in mobile banking that has led to the applications of mobile payment services while identifying the challenges of mobile payment services by reviewing the scholarly articles. Initially, this paper will summarize the development of mobile banking and applications of mobile payment services, followed by a summary of the challenges of using mobile payment services. In the end, a conclusion will be provided.

Development of Mobile Banking
The development of technology in mobile services and the development of mobile applications has led to the increased use of mobile payment services. The feature of allowing the individual to access their financial information from anywhere and at any time has majorly impacted the behavioral intentions of using mobile payment services. Further, the cost-effectiveness of providing mobile banking services to the customers of the banks led to increased adoption of the technology by different banks. Consequently, the use of mobile payment services provided by the banks has resulted in increased satisfaction of the users along with better interactions with the services of the banks, which has, in turn, led to increased adoption of mobile payment. Therefore, the constant development in the mobile payment services and the features of easy accessibility and low costs for the banks have facilitated increased development of mobile payment services.

Applications of Mobile Payment Services
The increased trust and satisfaction with the use of mobile banking services has led to the improvement in applications of mobile payment services. The mobile payment services are being used by the users for paying their bills, making payments at shops, and avoiding long cash payment queues. Consequently, people have developed positive perceptions regarding the use of mobile payment services with positive perceptions of easy usage and efficiency payments as the payments are processed within seconds. Therefore, the features of easy to use and quick payments facilitated by mobile payment services has led to its increased application.

Challenges in the use of Mobile Payment Services
The payment services are facilitated through the internet in mobile payment services, making it vulnerable to different security threats. The security threats associated with the use of mobile payment services have been a major concern as an insecure payment system could lead to misuse of financial information. Consequently, mobile payment services have a huge potential of use for buying goods and products, but the security threats associated with mobile payments have limited the use of mobile payment services by the people. Besides that, data breach, malware detection and multi-factor authentication have been the major security challenges of ensuring the security of mobile payments .Thus, security threats have been a major challenge for the adoption of mobile payment services.

Conclusion
This paper aimed at summarizing the developments in mobile banking and identifying the applications & challenges of mobile payment services. It was identified that cost-effectiveness and easy accessibility of financial services had led to the satisfaction of the users with the use of mobile banking, which has, in turn, led to increased use of mobile payment services. However, the security threats of a data breach and misuse of financial information have restricted the use of mobile payment services.