New Mobile Payment System

Payments on the mobile have been improved again and again.However,neither of these methods of payment have as yet substituted the good old hard cash payments.Now,mastercard and ING have teamed up- to create a new click to buy mobile payment system.Its similar to just scanning a code to pay.It makes use of mastercard’s existing PayPass technology.

Here’s how its been described:The solution being tested in the trial supports two scenarios: first, shopping and paying on a phone where the consumer is able to select merchandise they want to purchase, select their payment method, provide their shipping information and enter their PIN to authenticate the transaction. An EMV-compliant cryptogram is supplied by the phone directly to the merchant’s payment gateway for processing. In the second scenario, the consumer is able to start their shopping on a PC or tablet, and then complete the payment step on their phone using a secure QR code that connects the Mobile PayPass application in the user’s phone securely to the merchant’s online shopping cart.