Wallet Payement (WP) or Digital Wallet (DW) . A digital wallet refers to an electronic device that allows an individual to make electronic transactions. This can include purchasing items on-line with a computer or using a smartphone to purchase something at a store. An individual's bank account can also be linked to the digital wallet. They might also have their driver's license, health card, loyalty card(s) and other ID documents stored on the phone. The credentials can be passed to a merchant's terminal wirelessly via near field communication (NFC). Increasingly, digital wallets are being made not just for basic financial transactions but to also authenticate the holder's credentials. For example, a digital wallet could verify the age of the buyer to the store while purchasing alcohol. The system has already gained popularity in Japan, where digital wallets are known as wallet mobiles.
Mobile payment or Mobile Billing (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 check), or credit cards, a consumer can use a mobile phone 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, it is only recently that the technology to support such systems has become widely available. Direct mobile billing, also called direct to bill, is a method of paying for merchandise by charging the purchase to a cellular telephone (mobile phone) account. At the time of checkout, the customer selects the mobile billing option on a smartphone and follows a two-factor authentication procedure. After the authentication, which usually involves a PIN (personal identification number) and one-time password, the consumer's mobile account is charged for the amount of the purchase, plus applicable taxes and, in some cases, a processing fee. Direct mobile billing does not require any previous registration, and it does not involve any other sources of funding such as credit cards or bank accounts. Direct mobile billing has gained widespread popularity in Asia and Europe, and is gradually catching on in the United States as concerns about privacy and security are being addressed.
PSP (Payment Service Provider) a offers shops online services for accepting electronic payments by a variety of payment methods including credit card, bank-based payments such as direct debit, bank transfer, and real-time bank transfer based on online banking. Typically, they use a software as a service model and form a single payment gateway for their clients (merchants) to multiple payment methods. Typically, a PSP can connect to multiple acquiring banks, card, and payment networks. In many cases, the PSP will fully manage these technical connections, relationships with the external network, and bank accounts. This makes the merchant less dependent on financial institutions and free from the task of establishing these connections directly, especially when operating internationally. Furthermore, by negotiating bulk deals they can often offer cheaper fees. Furthermore, a full-service PSP can offer risk management services for card and bank based payments, transaction payment matching, reporting, fund remittance and fraud protection in addition to multi-currency functionality and services. Some PSPs provide services to process other next generation methods (payment systems) including cash payments, wallets, prepaid cards or vouchers, and even paper or e-check processing. A PSP is thus a much broader term than a payment gateway which is how the payment card industry refers to them. PSP fees are typically levied in one of two ways: as a percentage of each transaction or a fixed cost per transaction.
Processing by Credit Card - Debit Card - Wire Transfert - Gateway Payment - Wallet Payment - Mobile Billing - IPS Billing - Micropayment SMS and Audiotel