Mobile transaction models enable financial activities via mobile devices, offering convenience and flexibility. The primary mobile transaction models include:
-
SMS-Based Transactions: Users perform transactions via text messages.
Benefits: Works on basic phones; ideal for rural or low-internet areas.
Limitations: Limited security; slow processing; lacks real-time feedback. -
Mobile Web-Based Transactions: Conducted through mobile browsers.
Benefits: Platform-independent; doesn’t require app installation.
Limitations: Dependent on internet connectivity; less optimized experience than apps. -
Application-Based Transactions: Done via dedicated mobile apps like Paytm, Google Pay.
Benefits: User-friendly interface; real-time processing; advanced security (biometrics, encryption).
Limitations: Requires smartphones and storage space; app updates needed regularly. -
NFC (Near Field Communication)-Based Transactions: Tap-to-pay systems like Apple Pay.
Benefits: Fast, contactless payments; high security via tokenization.
Limitations: Limited to NFC-enabled devices and merchants. -
USSD (Unstructured Supplementary Service Data): Dial-based transactions used via mobile networks.
Benefits: No internet needed; accessible on feature phones.
Limitations: Limited transaction types; not as secure as app-based systems.
Comparison Summary:
SMS and USSD are ideal for basic phones and low-connectivity regions, while apps and NFC offer speed and security for smartphone users. Web-based models provide flexibility but depend heavily on internet quality. The best model depends on user needs, device type, and regional infrastructure.
0 Comments