Western Oregon University Digital Commons@WOU Student Theses, Papers and Projects (Computer Department of Computer Science Science) 3-21-2017 How Mobile Payment Is Changing The orW ld Jin Huang [email protected] Follow this and additional works at: https://digitalcommons.wou.edu/ computerscience_studentpubs Part of the Other Computer Engineering Commons Recommended Citation Huang, Jin, "How Mobile Payment Is Changing The orldW " (2017). Student Theses, Papers and Projects (Computer Science). 5. https://digitalcommons.wou.edu/computerscience_studentpubs/5 This Paper is brought to you for free and open access by the Department of Computer Science at Digital Commons@WOU. It has been accepted for inclusion in Student Theses, Papers and Projects (Computer Science) by an authorized administrator of Digital Commons@WOU. For more information, please contact [email protected]. Index 1 Introduction ...................................................................................................................................................... 1 2 Background ...................................................................................................................................................... 2 2.1 Mobile Payment .................................................................................................................................... 2 2.1.1 NFC Payment ............................................................................................................................. 4 2.1.2 QR-Code Payment ..................................................................................................................... 4 2.1.3 Online Banking........................................................................................................................... 8 2.2 The situation of Mobile Payment ......................................................................................................... 9 3 Statement of Problem .................................................................................................................................... 19 3.1 How does mobile payment change the trade and finance field? ..................................................... 19 3.2 What are advantages of the mobile payment platforms? ................................................................ 19 3.3 What are the advantages and disadvantages of three popular mobile payment platforms? ....... 20 4 Business Component ...................................................................................................................................... 21 4.1 Consumers ........................................................................................................................................... 21 4.2 Mobile Device Manufactures ............................................................................................................. 22 4.3 Credit Card Companies ..................................................................................................................... 25 4.4 Hardware Manufactures .................................................................................................................... 28 4.5 Businesses ............................................................................................................................................ 30 4.6 Financial Institutions .......................................................................................................................... 33 4.7 Mobile Telecommunication Operators ............................................................................................. 38 4.8 The Users and Volume ........................................................................................................................ 39 4.8.1 Apple Pay .................................................................................................................................. 39 4.8.2 WeChat Pay .............................................................................................................................. 41 4.8.3 WeChat Pay .............................................................................................................................. 41 5 Technology Component ................................................................................................................................. 43 5.1 NFC Payment ...................................................................................................................................... 45 5.1.1 How it works ............................................................................................................................. 47 5.1.2 How to Use ................................................................................................................................ 48 5.2 QR-Code Payment .............................................................................................................................. 51 5.2.1 How it works ............................................................................................................................. 53 5.2.2 How to use ................................................................................................................................. 54 5.3 Online Banking Payment ................................................................................................................... 56 5.3.1 How it work .............................................................................................................................. 57 5.3.2 How to use ................................................................................................................................. 57 5.4 E-Cash .................................................................................................................................................. 58 5.5 NFC Credit Card ................................................................................................................................ 59 5.6 Mobile Payment Component ............................................................................................................. 60 6 Results ............................................................................................................................................................. 62 6.1 How the mobile payment change the trade and finance field? ....................................................... 62 i 6.1.1 Trading ..................................................................................................................................... 63 6.1.2 Finance ...................................................................................................................................... 64 6.1.3 Summary ................................................................................................................................... 66 6.2 What are advantages of the mobile payment platforms? ................................................................ 66 6.2.1 Security ..................................................................................................................................... 67 6.2.2 User Experience ....................................................................................................................... 68 6.2.3 Business Experience ................................................................................................................. 69 6.2.4 Summary ................................................................................................................................... 70 6.3 What are advantages of the mobile payment platforms? ................................................................ 71 6.3.1 Security ..................................................................................................................................... 72 6.3.2 User Experience ....................................................................................................................... 74 6.3.3 Business Experience ................................................................................................................. 77 6.3.4 Summary ................................................................................................................................... 78 7 Conclusions ..................................................................................................................................................... 79 8 Future Research ............................................................................................................................................. 83 References .......................................................................................................................................................... 85 ii 1 Introduction Increased interest in mobile payment heightens its need in the business world. The development of mobile payment demonstrates the increase of technology in people’s lives. It also makes progressive developments for catering to customers’ needs like the convenience and quick transactions [1]. This new paying method presents many advantages when compared with traditional ways. Fewer and fewer people carry physical credit or debit cards to complete payment. It seems mobile payment makes a difference in our daily life. In our electric commerce period, the traditional payment methods can not keep the pace of high-speed fund transactions. The emergence of mobile payment provides various services