Question

Write a short note on Payment app and services.


Class 12 ✌
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Answer 1

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☆☆ Mobile payment (also referred to as mobile money, mobile money transfer, and mobile wallet) generally refer to payment services operated under financial regulation and performed from or via a mobile device. Instead of paying with cash, cheque, or credit cards, a consumer can use a mobile to pay for a wide range of services and digital or hard goods. Although the concept of using non-coin-based currency systems has a long history,[1] it is only in the 21st century that the technology to support such systems has become widely available.

Mobile payment is being adopted all over the world in different ways.[2][3] The first patent exclusively defined "Mobile Payment System" was filed in 2000[4].

In developing countries mobile payment solutions have been deployed as a means of extending financial services to the community known as the "unbanked" or "underbanked", which is estimated to be as much as 50% of the world's adult population, according to Financial Access' 2009 Report "Half the World is Unbanked".[5] These payment networks are often used for micropayments.[6] The use of mobile payments in developing countries has attracted public and private funding by organizations such as the Bill & Melinda Gates Foundation, United States Agency for International Development and Mercy Corps.

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Answer 2

Payment apps :

Apps such as Google Pay—Best for Android users.

Apple Pay—Best for Apple users.

Samsung Pay—Best for Samsung devices.

PayPal—Best for low-fee transactions. are called payment apps .

And the list the list goes on and on . Our world is becoming digitialized everything is done online , there are lots of plus points of using such online apps . people are getting smarter and the fear of loosing money is getting low . We do online payment which is absolutely safe .

A mobile wallet is a place where you can store money digitally, similar to an actual wallet. You can top up money using your debit card or credit card. In fact, this concept has a very long history starting with the earliest form of “mobile” payment – livestock. Precious metal coins were used in 700 B.C., paper money was first used in China in 960, the first “charge card” was issued in 1921 and the first modern credit card was issued in 1958 .

There are two types of payment methods; exchanging and provisioning. Exchanging involves the use of money, comprising banknotes and coins.

Now let's talk about payment services :

What are payment services ?

The key objective of setting up Payment Service Banks is to enhance financial inclusion in rural areas by increasing access to deposit products and payment/remittance services to small businesses, low-income households and other entities through high-volume low-value transactions in a secured technology-driven .

Note

Question arises :Can you trust cash App?

The Cash App stole a total of $1600. Why would they say it failed but still charge the sending bank account? It is a scam. They lure you in and you trust them on a regular basis with small amounts, just waiting for you to trust them enough to send the big money, then they steal it!