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Has Mobile Paymen Finally Li e Up o I s
Expec a ion in Replacing Cash and C edi ?
Ooi Wei Shen
1
Cen e o Sou he n New Hampshi e Uni e si y P og am, Help College o A
and Technology, Kuala Lumpu , Malaysia
Rashad Yazdani a d
Cen e o Sou he n New Hampshi e Uni e si y P og am, Help College o A
and Technology, Kuala Lumpu , Malaysia
Abs ac
The pu pose o his pape is o s udy whe he mobile paymen is a be e
paymen me hod compa ed o cash and c edi . Mobile paymen is an inno a i e
way o paying ou bill using ou mobile de ices. Howe e , i has ailed o li e
up o i s expec a ion when i i s in oduced o he ma ke decades ago wi h
a ious o impeding ac o s like cos , complexi y, lack o us om he
consume s as well as limi ed ne wo k ex e nali ies. Today, wi h he ad ance o
echnology, consume s’ demand o a as e and con enien paymen me hod
as well as he implemen a ion o many me chan s o companies, mobile
paymen is s a ing o eplace con en ional paymen me hod. As a whole, his
esea ch pape concludes ha mobile paymen is going o eplace cash and
c edi and o be success ul globally in he nea u u e.
Keywo ds: Mobile paymen , cash and c edi , e-comme ce, Apple Pay.
Ci e his a icle: Shen, O. W., & Yazdani a d, R. (2015). Has Mobile Paymen Finally Li e
Up o I s Expec a ion in Replacing Cash and C edi ? In e na ional Jou nal o Managemen ,
Accoun ing and Economics, 2(5), 489-498.
In oduc ion
Paypal, Mas e Ca d, Le elUp and Squa e and S ipe a e among he leading and
us ed mobile paymen se ice p o ide companies in ou ma ke place (Roge s, 2014).
Recen ly, wi h he in oduc ion o Apple Pay, Apple manages o ge in o his
compe i i e, ye p omising ma ke o mobile paymen . By he end o No embe 2014,
1
Co esponding au ho ’s email: [email protected]
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Apple Pay had accoun ed o 1.7% o mobile paymen mos ly in Food and Be e ages
like McDonald in he ma ke since i s in oduc ion a Oc obe 15 h (Col , 2014). Now
wi h Apple Wa ch eleased, he e will su ely be signi ican ise in Apple Pay ma ke
sha e in mobile paymen . No only Apple’s cle e mo e in ge ing in o his ma ke ing
game o mobile paymen , many o he companies a e also in e es ed o sha e his
luc a i e ui ha will su ely yield in he coming u u e. In he yea o 2014, many
o he companies such as S a bucks, Xiaomi and Mas e Ca d ha e gone om hei
con en ional business modal owa ds mobile paymen ma ke ing s a egy (Roge s,
2014). The eason o his mig a ion o ma ke ing s a egy is clea , is ha hose
companies see big u u e in digi al mobile paymen . In he las decades, we ha e
expe ienced he ansi ion o cash o c edi in paymen me hod. E en hough mobile
paymen has exis ed in he ma ke o some yea s, people a e no eady o i o some
ci cums ances which will be discussed in he nex sec ion o his pape . Now, wi h he
ad ance o echnology and many big names company changing hei con en ional
business modal, people a e mo e accep able owa ds mobile paymen . Hence, his
esea ch pape is o s udy whe he mobile paymen has inally li e up o i s expec a ion
in eplacing mobile paymen ? Rega ding o his much con o e sial and con using
discussion, some say yes while he o he s may say no.
Wha is Mobile Paymen ?
The pas 40 yea s has seen he de elopmen o comme ce by leaps and bounds and
his de elopmen has p o ided us many inno a i e ways o pay o ou bill (Sma Ca d
Alliance, 2011). F om ba e o cu ency o check o c edi ; and in he las decades, he
wo ld is in oduced o a new way o paymen , paying h ough ou mobile de ice which
is known as mobile paymen (Sma Ca d Alliance, 2011). Mobile paymen e e s o a
paymen me hod using mobile de ices like ou sma phones, o pe sonal digi al assis an
(Dahlbe g, Malla , Ond us&Zmijewska, 2014). I is a paymen sys em like c edi ca d o
any o m o elec onic paymen ; excep ha i elies on he usage o mobile de ices
a he han he con en ional bank no e o check o c edi ca d (K eye ,
Pous chi&Tu owski, 2007).
Sma Ca d Alliance (2011) unde lines 2 ypes o a ailable mobile paymen : emo e
mobile paymen and p oximi y mobile paymen . Remo e mobile paymen as de ine by
i s name is ansac ion ha done emo ely whe e he e is no di ec in e ac ion be ween
consume s and he me chan ’s POS sys em (Sma Ca d Alliance, 2011). P oximi y
paymen on he o he hand s ill main ain some in e ac ion be ween consume s and
me chan ’s POS sys em o some ex en namely h ough con ac less paymen (Sma
Ca d Alliance, 2011). Gob y, (2012) om he business inside has lis ed ou ou ypes
o mobile paymen s: ca ie billing, Nea Field Communica ion (NFC), apps and ca d
eade s each wi h hei bene i s and weaknesses.
Ca ie Billing
Ca ie billing is ansac ion wi h he bill di ec ly implies on use s’ phone bill. I is
he ea lies om o mobile paymen and is ega ded as he mos con enien and use -
iendly mobile paymen me hod as he e is no any complica ed egis a ion o
bu eauc a ic ansac ion p ocesses (Hegges uen, 2014). Ca ie billing is mos
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equen ly used in pu chasing digi al con en like buying an app om apple s o e o
songs om iTunes (Hegges uen, 2014). I is use ul in pene a ing ma ke segmen a ion
such as child en and some de eloping coun ies whe e c edi and debi ca d is
una ailable (Hegges uen, 2014). As he business in ca ie billing has s a ed o lose
hope in he p e ious yea s, i has succeeded o ekindle i s business wi h he up oa o
sma phone de ices ha ely hea ily on ca ie billing o make ansac ion. Hegges uen
(2014), highligh s ha ca ie billing has manage o powe a e enue o 3billion US
Dolla s in mobile ansac ion in 2014.
Nea Field Communica ion
Nea Field Communica ion (NFC) is a ype o p oximi y paymen which also known
as he mobile POS (Poin o Sale) o mobile con ac less paymen (Sma Ca d Aliiance,
2011). NFC can be a massi e sa e o ime as consume s jus ha e o ap hei NFC-
enabled phone close o me chan ’s con ac less paymen e minal o ge he ansac ion
done. NFC paymen is a ailable now wi h and oid e sion 4.4 and abo e as well as ios
8 can eally make ansac ion much easie and in e es ing. S a bucks has also comes ou
wi h hei own way o selling hei p oduc s using his concep o NFC wi h a sligh
di e en . In S a bucks, consume s scan he 2D ba code o hei bill and he ansac ion
is done immedia ely h ough deduc ion o c edi in hei S a bucks Ca d accoun (Sma
Ca d Alliance, 2011).
Mobile Applica ion
App is he mos common ype o mobile paymen we see nowadays and ha e he
la ges g oup o use s (Gob y, 2012). I is he use o ou mobile applica ion o ans e
money o ano he pa y like mobile banking o example. A lo o banks and me chan s
like G oupon has o e mobile banking hough ou mobile applica ion.
Ca d Reade
Ca d eade is a ela i e new way o mobile paymen ha has i s suppo om gian
mobile paymen companies like Squa e, Paypal, In ui and Ve i one as well as
Mas e Ca d (Gob y, 2012). I is ac ually a po able c edi ca d eade ha ins alled on
ou mobile de ices. Wi h his ca d eade echnology, i can ac ually ease ou ou need
o look o me chan ha suppo ca d paymen me hod and can sa e up ou
emba assmen in he ci cums ance ha we do no ha e su icien cash and he me chan
does no ecei e ca d. One o he leading companies ha p o ide his se ice is
PayAnywhe e whe e hei company p o ides a lo o in e es ing ea u es o hei
cus ome s and has collabo a ed wi h qui e a numbe o big name ca d issue s like Visa,
Mas e Ca d, Ame ican Exp ess, Disco e and PayPal wi h a minimum se ice ee
(PayAnywhe e, 2015).
The Up oa o Mobile Paymen ?
Rega dless o how magni icen and splendid o all he knowledge we lea ned abou
mobile paymen ; he ac is mobile paymen ails o li e up o i s expec a ion o e he
yea s. The easons a e mainly due o consume s’ accep ance and echnology ad ances.
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Howe e , wi h 520 million sma phone use s in China, 160 million use s in he S a es
(PYMNTS, 2015) and wi h he o al o exceed 2 billion use s wo ldwide by 2016
(eMa ke e , 2014); we can ce ainly imagine he up oa o mobile paymen in he
coming yea s.
Wi h PayPal spinning-o om eBay and he in oduc ion o Apple Pay, mobile
paymen is soon o be he u u e o paymen me hod (A che , 2014). Apple Pay is
conside ed new o his business iewing he ini ia o like PayPal, Google, Bling Na ion
as well as So ca d ha e been in his business o almos a decade. Howe e , Apple
could be he one who i es mobile paymen o i s success ha o he s ha e ailed o do
o he pas 10 yea s (He nandez, 2015). Wi h all hose big name companies joining he
business o mobile paymen , lack o me chan accep ance is no longe an issue o
consume s. Once again, ou a en ion ge s back o Apple Pay; which ops he Google
sea ch engines soon a e i ’s eleased in las Oc obe . Wi h an in en ion o expanding
hei business wo ldwide, Apple is belie ed o be in nego ia ion wi h China’s na ional
ca d ope a o UnionPay as well as People’s Bank o China (PBOC) o b ing Apple Pay
in o one o he la ges ma ke in he wo ld (Li, 2015). Apple’s decision o in ading
China’s ma ke is no wi hou eason. I is hei ma ke ing s a egy o s a hei oyage
o es ablishing hemsel es in Asia Paci ic; he la ges ma ke o e-comme ce. Asia has
ound ou o ha e he highes con idence le el o accep his inno a i e paymen
me hod, a 65%, compa ed o US’s 41% (Soa , 2014). Hence, i is ela i e easie o be
success ul in e-comme ce business in Asia.
Wha is hinde ing he de elopmen o mobile paymen in he pas ?
When his concep o mobile paymen was i s in oduced by Coca Cola company in
1997 in he o m o con ac less paymen using adio equency-iden i ica ion (RFID)
(NFC, 2012), i ini ia ed a su ge o inno a ion; hin ing he end o con en ional paymen
me hod. Howe e , mobile paymen could no eally li e up o i s expec a ion and
deli e i s p omises and has limi ed use un il ecen ly.
Malla (2007) lis s ou 4 majo p oblems: cos , ne wo k ex e nali ies, complexi y and
secu i y ha a e impeding he success o mobile paymen o he pas decades.
Cos
Cos e e s o he money a consume needed o pe o m his me hod is an impo an
indica o o people’s accep ance. Gene ally, he cos o mobile paymen is ela i ely
highe han ou con en ional paymen sys em as a use will i s need o own a mobile
de ice ha is equipped wi h da a co e age (K eye , Pous chi, &Tu owski, 2007).
Limi ed ne wo k ex e nali ies o he lack o me chan accep ance is ano he majo issue
ha hal ing he widesp ead o mobile paymen (Malla , 2007). Howe e , wi h all o he
big name companies like Mas e Ca d, Google, Apple o name bu a ew joining he ield
o mobile paymen , his issue o ne wo k ex e nali ies is no longe a majo p oblem.
Complexi y
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Complexi y e e s o he complica ion o he bu eauc a ic p ocedu es such as
complica ion egis a ion s eps and commands consume s will ha e o go h ough
whene e hey a e pe o ming mobile paymen (Malla , 2007). This complexi y has
ound o be he ac o s o consume s o choose o use cash o ca d o e mobile
paymen . None heless, wi h he as pace ad ancemen o echnology, mobile paymen
can now be pe o med wi hin seconds h ough he likes o Apple Pay and Google
Walle .
Secu i y
Las bu no leas , wi h he ise o elec onic e olu ion, hese p oblems ha a e
haun ing he de elopmen o mobile paymen s o many yea s be o e a e no longe an
issue; ye he only exis ing p oblem o consume s’ accep ance o e mobile paymen is
consume s’ pe cei ed isks abou mobile paymen . Issues like au ho iza ion,
au hen ica ion, and con iden iali y a e among he secu i y conce ns o consume s
(K eye , Pous chi&Tu owski, 2007). Mo eo e , p oblems wi h ansac ion eco ds a e
also an issue o mobile paymen (Malla , 2007). Unlike he ansac ion using cash and
c edi , ansac ion h ough mobile paymen does no issue any ha dcopy o eceip o
documen which is qui e oubling o some consume s.
Fac s om S okes (2014), sugges s ha using an mobile walle app like PayPal,
Apple Pay o Google Walle can ac ually means mo e sa e and secu e o ou
ansac ion compa e o he old- ashioned way o using c edi ca d. This s a emen is due
o he ac ha mobile walle app does no equi e much sensi i e in o ma ion such as
ou c edi ca d numbe no i equi es ou debi ca d pin numbe du ing ansac ion
(S okes, 2014).
Those mobile walle app companies ha e also done hei pa o ensu e he secu i y
o mobile paymen . Apple Pay elies on he one-use ansac ion ID, Token o s o e he
in o ma ion needed o he ansac ion o comple e, a he han s o ing all he use s’ ca d
in o ma ion wai ing o be hacked by p o essional hacke (S okes, 2014). I s i al,
Google Walle has o cou se come ou wi h some hing o make hei consume s eel sa e
using hei se ices by s o ing and enc yp ing all he in o ma ion in hei se e s and
any assess o he app is ully moni o ed by Google (S oke, 2014). Google can e en ack
down e i ied unau ho ized ansac ion in he case whe e consume ’s phone is los o
hacked by hacke (S okes, 2014).
Limi ed Ne wo k Ex e nali ies
Limi ed Ne wo k Ex e nali ies e e o he limi ed implemen a ion o mobile
paymen s by me chan s (Malla , 2007). This limi a ion has p o ed o be a i al
obs acles o he de elopmen o mobile paymen in he pas i is e y incon enien o
consume s o adop his inno a i e paymen me hod as he e a e only a ew mobile
paymen se ice p o ide in ha ime. Now wi h many companies Mas e Ca d, PayPal,
Apple Pay, Google Walle e al, ge ing in o his game o mobile paymen , his issue o
limi ed ne wo k ex e nali ies has becomes less o a conce n.
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Wha is p omo ing he de elopmen o mobile paymen in p esen and he
u u e?
Consume ’s pe spec i es
S udy om Ame ican Exp ess has shown ha Y-gene a ions consume s a e highly
accep able o his inno a i e paymen me hod as 52% o hose ages be ween 18-24
yea s old e eal ha hey willing o y and use mobile paymen as soon as i is a ailable
(Richa ds, 2013). This s udy has signi ican ly showed ha people nowadays a e mo e
accep able o his inno a i e end. In his as pace e a whe e ime is gold; mobile
paymen is mean o sa e he ime and e o o consume s making pu chases. The need
o be a he Poin o Sale (POS) is no longe needed wi h he use o mobile paymen as
his inno a ion is mean o be loca ion and ime independence (Malla , 2007). By ha
mean, i e e s o he a ailabili y and possibili ies o making emo e ansac ion simply
wi h you mobile de ices (Malla , 2007). This main sell o mobile paymen is de ini ely
making ou li e mo e wonde ul and con enien .
Ha e you e e ge us a ed because you a e s uck in he middle o he wa -o -
queue; wai ing impa ien ly o each you u n when u can ge you bu ge in McDonald
o ge you icke in cinema. These us a ing issues can easily be a oided using mobile
paymen whe e we can ge ou ansac ion done emo ely. Hence, ansac ion h ough
ou mobile de ice is a big big sa e o ou p ecious, ne e -ge -enough ime (Malla ,
2007).
Ano he s onghold o mobile paymen is i s ea u e o ge he ansac ion done
anywhe e, any ime and wi h any amoun (Malla , 2007). People always ind i
oublesome when hey a e ou o cash and he ATM is nowhe e o be seen; o hey do
no ha e smalle no e o coin when i comes o ge ing you d inks om a ending
machine o in a public anspo (Malla , 2007). All hese head aching p oblems a e
gone o good wi h he in oduc ion o mobile paymen .
Las ly, high accep abili y o mobile paymen among he consume s lies hea ily on i s
compa ibili y as well; which is he deg ee o mobile paymen ’s in eg a ion in
consume s’ daily li e (Malla , 2007; Talls& Van, 2012). S udies sugges ha mobile
paymen s a e highly compa ible wi h pu chases ha in ol e small alue ansac ions
like paying o he bus a es o buying d inks om a ending machine (Malla , 2007). I
will be e y incon enien and oublesome when you do no ha e enough small changes
o pay o you bus o ain a es. The solu ion o his annoyance encoun e is h ough
he use o mobile paymen . Consume s will be e y pleased o ha e hei mobile de ices
equipped wi h his mobile paymen unc ion jus o spa e hem om emba assmen and
incon enien o no ha ing enough small changes.
Me chan s’ pe spec i es
No only bene i ing consume s, mobile paymen has also bene i ing me chan s in
e ms o boos ing sales and cu ing hei ope a ing cos (He nandez, 2015). By
implemen ing mobile paymen , i simply mean ha less labo o ce is needed o inish
job while e enues can ge a huge boos by ha ing he ansac ion done mo e e icien ly
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and as e (He nandez,2015; Mobile Paymen Accep ance, 2014). The accep ance o
mobile paymen me hod by me chan especially small and mid-sized business (SMBs)
has isen emendously like a sp ou ing mush oom a e a ainy day in hese ew yea s.
21% o SMBs has ound ou o ha e implemen ed mobile paymen by July 2014; a
signi ican ise o 11% as compa ed o 10% o accep ance in July 2012 (Va ma, 2014).
In a su ey done by Hayashi and B ad o d in 2014, hey ound ha mobile paymen
can g ea ly enhance he consume s’ shopping expe ience, as he esul , i as ly inc ease
consume s’ engagemen as well as loyal y. This is due o he ac ha by he
implemen a ion o mobile paymen ; i enables me chan s o o m a s onge cus ome -
b and bond and p o ide g ea e con enience o hei cus ome s (Hayashi & B ad o d,
2014). Mo eo e , by implemen ing mobile paymen , i enables me chan s o ha e a
be e cus ome da a con ol. Pe sonal in o ma ion like phone numbe , add ess and hei
b and p e e ence ha consume s p o ide when hey sign up he company’s loyal y
p og am and e-comme ce use can be used by he company o ailo a be e ma ke
a ge ing and segmen a ion as well as ul illing consume s’ needs (Hayashi & B ad o d,
2014). Howe e , he agmen a ion o mobile paymen ma ke ing has been a majo issue
ha s ops me chan s om implemen ing his mobile paymen sys em ha has clea
bene i s in he pas (Hayashi & B ad o d, 2014). This agmen a ion e e s o a ie ies
o pa ies, echnologies and applica ions ha p o ide his mobile paymen unc ion, ye ,
a e oo agmen ed and ha e insu icien in luence (Hayashi & B ad o d, 2014).
Discussion
Soa (2014) concludes 2 majo issues ha ha e been hal ing he adop ion o mobile
paymen in he pas : lack o ai h among he consume s and limi ed ne wo k
ex e nali ies. Now wi h he implemen a ion o mobile paymen sys em in many
companies and me chan s as well as issue s, his issue wi h ne wo k ex e nali ies is
ba ely a p oblem anymo e. Many companies ha o e e-comme ce se ices like Apple
Pay, PayPal, Mas e Ca d, and e al. ha e done a lo o inc ease he con idence le el o
he consume s by de eloping special ea u es like he unau ho ized ansac ion acking
sys em in en ed by Google and he one-use- ansac ion oken by Apple ha will
emendously enhance hei secu i y le el. The only exis ing p oblem now o mobile
paymen o be adop ed globally is how well hey can pe suade consume s o swi ch
om he con en ional paymen me hod ha ha e been p ac iced o decades. Well, a
leas mobile paymen se ice p o ide companies like PayPal, AliPay, Apple Pay and
o he s ha e done hei pa an as ically and his esul in 480 million mobile paymen
use s wo ldwide in 2012 and he numbe s is p edic ed o exceed 1 billion by he end o
2015 (Po ioResea ch, 2015).
The coming yea s will be he excellen accele a o o he de elopmen o mobile
paymen as consume s nowadays demand mo e con enience, compa ibili y as well as
as e way o make any ansac ion. Now, wi h he in oduc ion o Apple Pay and many
o he s companies joining he business o mobile paymen se ice p o ide ; he issue o
agmen a ion o mobile paymen p o ide is no longe a p oblem. Me chan s and
e aile s can now es assu es ha hey will ge he mos secu e, eliable and ad ance
mobile paymen sys em o hei company and mos impo an ly, o hei cus ome s.
Once his con enience, e icien paymen me hod is implemen ed in all SMBs, he e is
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no a single eason ha consume will no accep i . A e all, who does no ancy his
cool and sma li le gadge ha will ge you ou o all he oubles o wai ing o a long
queue?
Camhi, (2014) sugges ed ha mobile paymen s ill has a lo o do be o e i can be
ully adop ed by he ma ke and he e will no be any mass adop ion o i in 2015.
Howe e , wi h Apple Pay comes in o he scene, his e olu ion becomes mo e and mo e
op imis ic. Besides ha , secu i y conce ns which ha e haun ed he de elopmen o
mobile paymen a e slowly mo ing ou o he scene as people s a ed o show us
owa ds mobile paymen (Camhi, 2014). Issues wi h limi ed ne wo k ex e nali ies has
become less and less as an obs acle as he e will be emendous inc ease o NFC
e minal in mos SMBs c edi ed mos ly o Apple PayThis esea ch pape o eseen ha
mobile paymen will con inue o de elop globally in yea 2015 and he coming yea s
un il i success ully eplace he con en ional, old paymen me hod.
Conclusion
As a whole, by conside ing all he limi a ions and ad an ages o mobile paymen as
well as he ac o s impeding he de elopmen o mobile paymen in he pas , his
esea ch pape concludes ha mobile paymen will de ini ely be he be e eplacemen
choice o he con en ional cash and c edi in a he nea u u e. Wi h mo e and mo e
consume s a e accep ing i , mobile paymen has al eady ge a nod o ge going and
eplace ou con en ional paymen me hod. To sum up, he bene i s o implemen ing
mobile paymen me hod ha e ou weighed i s disad an age conce ns among he
consume s and ma ke e s. Conce ns such as cos , complexi y, limi ed ne wo k
ex e nali ies as well as secu i y men ioned abo e can easily be elimina ed wi h he
cu en echnology ad ancemen . Mo eo e , Mobile Paymen has he capaci y in
changing and imp o ing ou cu en business and ma ke ing module as i added he
mobili y o ou cu en immobile paymen me hod. This e olu ion o mobile paymen
is he same as when ou ances o s we e coming up wi h he idea o cu ency o eplace
he old, ine ec i e ba e sys ems cen u ies ago; people did no belie e i a i s . Today,
he cycle con inues, bu wi h mobile paymen eplacing cash and c edi . S ill, he e a e
s ill mino i ies ha do no see ha happening as hey a e unawa e o he pace o
echnology; much o hei disappoin men , he e olu ion goes on un il mobile paymen
has ully eplaced cash and c edi in paymen me hod. The p ospec o c ea ing a mobile
paymen communi y is jus a ound he co ne and wi h he cu en e-business end; his
esea ch pape has o eseen mobile paymen o play a p ominen ole in aking e-
business o he nex unp eceden ed le el.
Re e ences
A che , M. (2014, Oc obe , 16). Mobile Paymen s Ha e Finally A i ed. So Wha ’s
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In e na ional Jou nal o Managemen , Accoun ing and Economics
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