Exploring the Key Challenges: Adaptability, Sustainability, Interoperability and Security to M-payment

: Any payment which uses mobile device as payment method is called M-payment whether it is proximity or remote and online or point of sale. Since it has been identified that mobile phone is everywhere and ever-present essential consumer device, and could be used for payment offline or online, Mobile payment has been hyped significantly. However early market adoption is facing some challenges and in need of the unanimous effort of all key players (manufacturers, mobile operators, merchants and customers) of value chain in order to accept mobile payment method and achieve standard and sustainable business model. Achieving one business model is important for user convenience and reachability, resulting in increased market opportunities. The main focus of this research proposal is that why cohesive technologies are needed and how it could be achieved? Some M-payment ventures are successfully working in Japan, US and Asian countries such as NTTDoCoMo and PayPal M-payments. The main reason of M-payment adoption among consumers in those countries is that their security issues are dealt carefully and solved to acceptable level. This paper is presented in the form of research proposal and overview looking into various challenging issues which are preventing the higher success in UK.