Transaction-centric Mobile-Payment Classification Model

Even after a decade of trials, Mobile-Payment systems are yet to witness large-scale commercial deployments. Various studies have been conducted to investigate the cause resulting in the various theories and analysis. Based on the extensive literature survey conducted as part of this research work, three causes have been identified namely, the heterogeneous nature of the m-payment landscape, lack of co-operation amongst the various m-payment players and lack of standardization. All the stakeholders of m-payment ecosystem agree that there is a need for a universal, standardized m-payment platform. In this regard, this paper proposes that there is a need for a new classification model in order to design the universal m-payment system. A model that is transaction-centric rather than the currently existing models that are m-payment player-centric.