Adoption of Mobile Payment Application and Its Impact on Business

Mobile Payment

The impact of mobile technology development on society is now visible within the developing countries social fiber strata. As technology develops further, its sale increases exponentially (Gul at el. 2014). The use of the services associated with these devices has brought social revolution in humans (Pramis, 2013). Mobile phones not only act as a source of communication but also act as a spring and conduit of mobile payment through its advanced features and computing capabilities (Flatraaker, 2013). Although many researchers have discussed mobile payment, most of them do not agree on the definition and so have proposed different models. For example, Dahlberg et al. (2008) has defined as “payment for goods, services, and bills with a mobile device” via “wireless and other communication technologies”. While Au et. al., (2008) sees it as “a payment in which a mobile phone is used to initiate, authorize, and confirm a transaction”.

Studies opine MMT is not just the extension of mobile service but the result of highly developed infrastructure, business models, users, etc. (Kang & Park, 2014). Due to its recognition and impact worldwide, many organizations are now investing in mobile payment apps (Chen, et al, 2013) but some of the service providers are not getting the desired volumes (Schierz et al., 2010). Mobile payment is then seen as a business activity payment of business activity using a mobile phone (Arthur, 2014). It is one of the extended applications of mobile sets technology, world over.