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Mobile Payment by Mind Map: Mobile Payment

1. Trend

1.1. Quite large number of Credit cards are hold by each person but the fraud detection efforts made by issuing banks are lake of protection to cardholders.

1.2. Instead,both Android Pay and Apple Pay are steps forward because they require secondary authentication (either through the entering of a PIN or verification through TouchID) before initiating a transaction.

2. Android Pay

2.1. Background

2.1.1. using smartphones and online shopping are common

2.1.2. some banks have made bank app to attract customers

2.2. Payment process

2.2.1. connect the bank card with mobile phone (android system)

2.2.2. set up a six-number code

2.2.3. Just need to input the code to complete the payment

2.3. Advantages

2.3.1. more convenient to shop and pay

2.3.2. can buy some financial products to make more profits

2.3.3. stimulate online shops' development and enlarge the job market

2.3.4. fasten the globalization

2.4. Limitations

2.4.1. hackers can easily get bank codes once we expose this online

2.4.2. make online cheating more convenient eg. once a lady inputted a verification code with numbers then her bank account showed that she had cost just the same amount of the money as the number.

3. Introduction

3.1. refer to mobile money

3.2. operate under financial regulations and via a mobile device

3.3. The only technology supports non-coin-based currency system and becomes widely available

4. Apple Pay (wallet)

4.1. Background

4.1.1. a mobile payment and digital wallet service by Apple Inc.

4.1.2. uses NFC to transmit money

4.2. Payment Process

4.2.1. Add the credit or debit card from iTunes account to Wallet by entering the card security code iPhone 1. Hold your iPhone near the contactless reader with your finger on Touch ID. 2. Double-click the Home button when your iPhone is locked to access Wallet and make purchases. Apple Watch Double-click the side button and hold the display of Apple Watch up to the contactless reader.

4.3. Advantages

4.3.1. Supported by well-known credit card companies and banks e.g. Visa, MasterCard, Bank of America, citibank

4.3.2. Supported by internationally renowned brands e.g. Coca Cola, Nike, McDonald's, Disney

4.3.3. Safer than credit cards Every payment requires Touch ID or passcode Can use Find My iPhone to suspend Apple Pay when the device is lost or stolen

4.3.4. Simple and convenient Pay with one touch by using Touch ID

4.4. Limitations

4.4.1. Only available in US,UK and China for now

4.4.2. not a commonly used payment method

4.4.3. Payment by NFC technology is not fast enough