Mobile Payments and Digital Banking Services

Abstract

This chapter examines mobile payments and digital banking services. The past decade has seen a rapid increase in the use of alternative payment systems, away from cash to electronic payments. The digitalization of payments includes business-to-business (B2B), customer-to-business (C2B), and government-to-business and consumers (G2B/C), whether the payments are by computer, wire transfers, and point of sale (POS) systems. POS systems have become a standard in many retail outlets. Mobile payments use a smart device for contactless pay. Consumers see the increasing prevalence of payment systems when they go to the retail checkout or service counter. Worldwide, mobile payments are approaching 50% of digital. Digitalized payment systems are becoming more secure, decreasing concerns over mistaken payments, fraud, and errors. Consumers' confidence in value and usage decreases with age. Most fraud is due to scams and not hacking. Greater access to improved infrastructure and affordable smart devices will expand the usage of digitalized payment systems worldwide.

Citation

de Ridder, A. and Burnie, D.A. (2024), "Mobile Payments and Digital Banking Services", Baker, H.K., Filbeck, G. and Black, K. (Ed.) The Emerald Handbook of Fintech, Emerald Publishing Limited, Leeds, pp. 109-131. https://doi.org/10.1108/978-1-83753-608-520241011