Let’s go back in early 2000s. Cash payment was the only option available in most countries. Card-based payment was on the rise and only rich people could afford it. Then, technology evolves and the era of smartphone begun worldwide. Today, we have more advanced payment methods than before in the form of mobile payment solutions.
However, the history of mobile payments is as interesting as its present. Let’s dig deep into the early days of mobile payment.
- Mobile Payment Solutions- Yesterday
It was 1997 when the mobile-based payment for services or goods was introduced by Coca Cola. The customers could pay for Coca Cola through an SMS in a beverage vending machine. Here the payment was made through an account linked to the user’s mobile device. Though this facility was useful for smaller amounts, or say micropayments, it is fair to mention that it has opened the doors of new opportunities for mobile payment technology.
Talking about the banks, Merita Bank based in Finland has launched the world’s first phone-based banking service in the same year. It was also based on SMS and showed the world how mobile devices can be used for banking services. The mobile payment technology evolved with time, and it became possible to buy movie tickets by using mobiles by the year 1999. However, the real turnaround came in the year 2007.
Vodafone launched one of the largest mobile-based payment systems in 2007. This system was based on USSD/SMS technology and facilitated various macro and micropayments. After this, the mobile payment systems for small businesses kept on evolving with time. Finally, Apple and Google entered the mobile payment domain in the year 2011. Google brought its digital wallet solution based on NFC technology.
Original Source: Mobile Payment Solutions
No comments:
Post a Comment