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A Mobile Payment (M-Payment) can be defined as any payment transaction, whether in-store or remote, executed on a mobile device, usually a mobile telephone. The growth and viability of Mobile Commerce (M-Commerce) relies heavily on the existence of a payment utility that is convenient, easy to use, track able and secure. Proponents of m-payments argue there are inherent advantages that lead to optimism. The presumed value proposition at Point of Sale (POS) rests on the convenience and speed of contactless payments enabled by mobile phones with embedded NFC (Near Field Communication) chips and other similar technologies. For on-line markets, the value proposition is the inherent connectivity, ubiquity, and near real-time verification capability of mobile devices (via SMS, WAP, or IVR).
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