M-Payments: A Study of Customerrs Perspective on Innovative Banking Service

Abstract

Mobile commerce has emerged as an innovative and consequential improved method of business over e-commerce. Mobile payment service is a modern innovation in this direction. M-Payment popularly known as ‘Pay with your mobile’ is a revolutionary, easy, convenient, and secure mobile payment service. According to Capgemini report 2008, there are approximately 30 million users of m-payments all over the world. Though it accounts for merely 1 percent of the value of gross global non-cash payments, the mobile payments market is growing very fast. In the background of these developments and changing scenario, the study examined the attitude of respondents about the new revolutionary M-payment technique. The study found that more than three fourth of the respondents have awareness and requisite know-how about introduction of M-payments facility. Retail purchases and bill payments have emerged as the two top preferences for M-payments. The survey conducted on the basis of gender of the respondents observed no significant difference in their motives and attitudes regarding the applicability and the concerns of this most far-reaching M-payments mode. It is found that the success of M-payment in principle depends on the wider acceptability of m-payments by merchants, clear picture about the settlement platform, and enactments of legislation and rules governing M-payments.