Internet+Blockchain Mobile Payment and Blockchain

The first few articles talked about the combination of many Internet-derived application platforms and blockchain, and also put forward many arguments and definitions. I don’t know if you have understood some of them. The conjecture may need time to verify, but the known definition is indeed knowable.Today we will talk about the definition of mobile payment and the combination with blockchain. Before knowing mobile payment, we have to understand the concept of payment system. The payment system is a financial arrangement that consists of intermediaries providing payment and clearing services and professional technical means for payment instruction transmission and fund clearing to realize debt settlement and fund transfer. It emerges, arises, develops and is constantly improved due to the market demand for debt settlement and fund transfer in the process of economic activities. With the liberalization of policies, various payment platforms have been launched only in recent years. This was basically unthinkable in previous years, and in some areas, it can be said that it has been continuously improved with the development of the Internet, the progress of the times and the evolution of human needs. Mobile payment is a big leap product. Mobile payment, also known as cell phone payment, is a service that allows users to use their mobile terminals (usually cell phones) to pay for the goods or services they consume on account. Units or individuals send payment instructions directly or indirectly to banking and financial institutions through mobile devices, the Internet or proximity sensing to generate monetary payments and fund transfer behaviors, thus realizing the mobile payment function. Mobile payment integrates terminal devices, the Internet, application providers and financial institutions to provide users with monetary payments, bill payments and other financial services.

The characteristics of mobile payment, such as mobility, timeliness, customization and integration, are very convenient for the needs of a wide range of consumer groups. The complete payment process of purchase request, charge request, authentication request, certification, authorization request, authorization, charge completion, payment completion, and payment of goods is specified according to consumers’ consumption habits, thus completing the union of consumers, mobile operators, mobile application service providers, financial institutions, and CUP. A payment account associated with its cell phone number will be established for each mobile user, and its function is equivalent to an electronic wallet, providing a way for mobile users to pay for transactions and authenticate themselves through their cell phones. The user accesses the mobile payment system by making a call, sending an SMS or using the WAP function. The mobile payment system transmits the request for this transaction to MASP, which determines the amount of this transaction and notifies the user through the mobile payment system, and after the user confirms it, payment can be made in a variety of ways. How about it? Usually we click our cell phones, which seems to be a particularly simple and fast payment, but in reality it covers so many departments and so many technologies so as to complete. I wonder if, after all this, we have a concept of mobile payment?

However, it is because it is linked to payment and money. So there are always speculative, unsuspecting people who want to make huge profits from it. In life, there are few people who are cheated because of payment. Therefore, I recommend that you must try to use a large platform or bank payment system for payment. After all, what they look for in profit is the user base and the various value-added services at a later stage.

Mobile payment has been developing particularly fast in recent years, but it has also encountered problems that it has to face, and these problems have always existed due to the lack of technology. The main problems of mobile payment development are the lack of cooperation between operators and financial institutions, the failure to properly solve the security problem of transactions, and the fact that the industry standard has not yet been fully perfected and unified. The inter-institutional cooperation and perfection of this over time can certainly be improved, industry standards also with the use of the solution to the problem, the launch of relevant policies to not difficult. Difficult in this transaction security issues, involving money issues, we are most concerned about security issues. Virus infection, cell phone vulnerability, fraudulent phone calls and SMS and other reasons have also been plagued by the platform, and these platforms are used every day all the time, it is simply impossible to stop all, and then perfected and re-launched. So it is only possible to fill these loopholes without affecting the users’ use. All these require technology. And blockchain technology’s can fill this gap in many ways. Its information can’t be tampered with, which can guarantee the security issue, plus the anonymity to solve the trust problem of individual institutions, which can effectively improve the cooperation between various operators and financial institutions. Coupled with its autonomy, it adopts consistent norms and protocols to ensure the fairness of the platform. Finally, decentralization, as I remember mentioning earlier in the concept of payment systems, is composed of intermediaries and technology! However, if the decentralization feature is added, is it possible to achieve no centralized governing body. What about the emergence of a payment platform that is common to all? And is it possible to solve the problem of saving money, security issues, etc.?

Of course, these are still conjectures, but, from the concept and characteristics to understand. It is indeed more feasible! I am not going to study anything, but just analyze the application side of blockchain is actually really wide. In various fields, its unique and powerful characteristics determine that it can definitely bring unexpected gains to different platforms in many fields, and may even be reform or disruption!

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