As an important embodiment of today’s social technology and economic development, mobile payment plays an important role in people’s society, which not only facilitates people’s lives but also changes people’s lifestyles. This article further analyzes the importance of mobile payment to people and the possible harm that mobile payment may bring by analyzing the well-known mobile payment methods in the world today. At the same time, let more people know about mobile payment. And understand some of the hidden dangers of mobile payment, and when using mobile payment, you can use mobile payment more carefully and safely to reduce your own losses.
Mobile Payment Systems
Mobile devices are redefining our lives. They are also revolutionising payments. In addition to traditional payment methods such as cash, checks, credit cards, and debit cards, mobile devices can easily complete payments (Wang et al., 2016). Nowadays, it has further developed from going out to get checks and cash to credit cards, and the emergence of mobile payment is gradually replacing other payment methods.
With the development of society and technology, people’s daily life has gradually become more convenient. Mobile payments are a product of electronic money and mobile technology. With the continuous increase in the use of smartphones, mobile payment has gradually entered our lives. It is a new form of electronic money that is replacing bank cards as the new digital payment provider, and the emergence of mobile payment has led to a huge change in the way people pay (Yu & Sun, 2018). According to Shen et al. (2020) We can learn that although the adoption of mobile payment in the United States has been slow, it has become the de facto solution for hundreds of millions of users in China, from paying bills to riding buses, from sending virtual “red envelopes” to buying money market funds. In China, the most important mobile payment methods are Alipay and WeChat. In 2018, more than 80% of Chinese consumers
used mobile payments. Mobile payments are about to replace all other payment methods in some Chinese cities. For example, some street vendors and taxi drivers in China have begun to refuse cash, and there are even street beggars who accept donations through mobile payments. Mobile payment has brought great changes to the way we live, and as Chinese, we have a deep experience of the convenience of mobile payment. Before the development of mobile payment, people had to go out with wallets, which contained cash, mobile phones and bank cards, and went out with so many things, often losing things. Nowadays, people only need to bring a mobile phone to complete all the needs of daily travel and consumption.
Apple as the world’s top mobile phone manufacturer, iPhone in the world has a large consumer group, so Apple also issued its own mobile payment method. Apple Pay is a new but comprehensive payment solution that has been adopted by 83% of financial institutions in the United States. Apple Pay reactivates the iOS ecosystem and provides Apple with a new revenue stream. Apple Pay hit their privacy concerns head-on. Apple Pay became by far the most innovative disruptor in fintech (Thomas, 2016). Apple Pay is a very common mobile payment method in the world, and many countries are using this mobile payment method for consumption and shopping. Compared with WeChat and Alipay, it covers more software and functions, is more widely used, and can be bound to bank cards or credit cards in various countries. So Apple Pay is the mainstream payment method in the world today. Apple Pay is also popular for a very important reason, it can tie credit cards to mobile phones, and Apple Pay is suitable for most software, reducing the risk of bank card information leakage and better protecting personal property. The power of Apple Pay is that it cannot only complete payment consumption through mobile phones but also pay through iWatch. This makes the payment more convenient, and you can even complete the payment without using your mobile phone when you are usually travelling. This research has led to a deeper development of mobile payments. But Apple Pay binding bank cards also has many loopholes, recently iPhone 15 just launched, and my girlfriend bought Ultimate shopping cards to buy an iPhone at a discount, but due to the number of cards is too much, Apple Pay can not support binding cards, after binding two, it cannot be bound, which has a great limit on the number of cards. For some phones can not even addd a card to Apple Wallet. I think it is an inconvenience and that is the part Apple can work more on.
The Pitfalls of Mobile Payments
Mobile devices may or may not have the latest security patches. Many threats and attacks such as sniffing, spam, spoofing, phishing, pharmaceuticals, and malware are reported on mobile devices. These threats and attacks must be taken into account when developing mobile payment systems (Wang et al., 2016). Therefore, these vulnerabilities have also brought a lot of harm to mobile payment, and many people have caused bank card information leakage because of mistakes in clicking some network links or filling in bank card information on websites, resulting in bank card theft, which is a very common problem. In addition, due to the vigorous promotion of mobile payment, there are now many online loans, and people can directly borrow through the Internet, which has developed many online loan platforms and software in China, which has become a huge hidden danger. Many young people can’t resist the temptation and fall into online loans, which puts a great burden on themselves and their families. And with the development of these online loans, online loan methods have also become diverse. Alipay has “Huabei” to lend different amounts of loans to different people with 0 interest, and if you want to increase the amount, you must increase the amount of Alipay consumption and increase the number of loans with “Huabei”. This undoubtedly causes great hidden dangers to young people, minors have no financial income, and for the lack of purchasing power for what they want, these online loans give young people the ability to overconsume, and also bring them a huge burden.Due to the development of mobile devices and mobile payments, it has become a mainstream payment method, so the danger is also increasing. How to control and solve these hazards and make mobile payment safer has become one of the main problems at present.
With the change in the country’s economic system and socio-economic situation, it is now the era of science and technology, and most of the consumption of many people today is done through the network, so the traditional payment method can not meet the consumption of today’s people, so mobile payment is more and more important to people. In our e-commerce era, traditional payment methods cannot keep up with the pace of high-speed capital transactions (Yu & Sun, 2018). This leads to the use of traditional payment methods, which will slow down our economic development and market transaction speed. It can be seen that the emergence of mobile payment methods has improved our lives, improved economic development, and brought great improvements to our quality of life. Although it also brings us certain risks, it is also the only way for economic and technological development.
Wang, Y., Hahn, C., & Sutrave, K. (2016). Mobile payment security, threats, and challenges. 2016 Second International Conference on Mobile and Secure Services (MobiSecServ). https://doi.org/10.1109/mobisecserv.2016.7440226
Yu, L., & Sun, L. (2018). Mobile Payment and Its Social Impact. Www.igi-Global.com; IGI Global. https://www.igi-global.com/chapter/mobile-payment-and-its-social-impact/204714
Shen, H., Faklaris, C., Jin, H., Dabbish, L., & Hong, J. I. (2020). “I Can’t Even Buy Apples If I Don’t Use Mobile Pay?” Proceedings of the ACM on Human-Computer Interaction, 4(CSCW2), 1–26. https://doi.org/10.1145/3415241
Thomas, D. (2016). Payment Solutions Including Apple Pay. The FinTech Book: The Financial Technology Handbook for Investors, Entrepreneurs and Visionaries, 125-127.
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