Concept of M-Commerce

In today's era of development and innovation customer are demanding fast and innovative services. In today's rapidly growing economy people do not have time to stand in queue and wait for various services like booking of Air tickets, booking of Rail tickets, booking of Movie tickets, payment of Telephone bills, payment of Electric bills, payment for Insurance premium, etc. People want superior services and that too in a blink of eye. The innovative idea of E-payment is being rapidly adopted by people of our country. Day-by-day the use of E-commerce is mounting. The next big field of the era is M-commerce (Mobile-commerce) the next step to E-commerce. People are rapidly adopting the concept of M-commerce. M-commerce enables the user to undertake the transaction in a simple and timely manner through the use of a cellular phone. M-commerce the concept of next generation is changing the way of transacting. With the growing use of M-commerce the traditional (manual) modes of transactions are step-by-step vanishing. Day-by-day the user base of M-commerce is expanding. While transacting through traditional means one has to move by the interpersonal channel to enable the commercial activity, as against under M-commerce the transaction in carried on in a simple, safe & cost effective manner. The secured payment mechanism of M-commerce maintains the security of the transaction. The slogan of M-commerce is Simple, Safe, secure and time saver.

Method of M-Payment

It is a point of sale payment made through a handy device like a cellular phone, a Smart phone. By using the payment mechanism of M-commerce routime transactions like payment of various utilities services can be made without any human interaction. Say for example, with the help of M-commerce one can pay the restaurant bill, telephone bill, mobile recharge, D2H recharge, booking of air tickets, booking of movie tickets, etc. in fraction of second without waiting for the service. The payer has to follow the prescribe mechanism of M-commerce and just finish off the transaction from his desk. This facility enables the user to save time, money and effort.

Why M-Commerce is the next big thing in India?

The telecom sector in India is rapidly growing and is one of the leading sectors. A 500 million plus mobile user is a dream come true for Indian telecom industry, and that's not the end the number of users are mounting by as much as 3 million a month.

Mobile Commerce – The future is calling

The numbers are tremendously in favor of M-commerce. When mobile technology was introduced in India not even the biggest telecom experts had predicted the impact of cellular phones on the life of Indian people. Now, majority of transactions are carried on through the use of Cellular services. The future is here, day-by-day the techno-oriented customers are demanding newer and newer technology. M-commerce is the technology of the future. It will change the way the people carryon the routime transactions.

Areas / Uses of M-commerce

In the present swiftly mounting economy M-commerce has stretch its wings over various fields covering financial services, utility payments, retail sector, information technology sector, etc. In these sectors M-Commerce is not only being widely accepted but its application is mounting day-by-day and that too at a very high rate. M-commerce provides a real time service to the user and is cost effective, time effective and safe manner.

1.Finance Sectors

M-commerce is extensively used in finance sector rather then it can be argued that it is preferred by all major financial institutes, banks, etc. With the use of M-commerce the user can easily transfer money or carry out numerous financial transactions only on a single click from the cellular phone. User can transact money or transfer money, or pay the bill from its bank account using M-commerce facilities. M-commerce enables the customer to cross the limits of time and distance. It won't be incorrect to say that M-commerce can capture the entire banks into the pocket of the user. Not only the banking sector, but the user can also access the capital market with the help of M-commerce. With the help of M-commerce the user can easily access the stock market quotes and get in live touch with current trading status.

2.Telecommunication Sectors

The unique facilities provided by the cell phone service providers have changed the definition of communication. With the introduction of 3G technology in India, the mobile industry has got a new way of growth. The booming popularity of mobile technology has forced the corporate world to develop a new commerce platform that can reach to masses. M-commerce has attracted massive traffic because of its unique characteristics. Several dealings can be handled through mobile phones; this enables the user to bridge the gap of distance and time.

3.Service / Retail sectors

Service and Retail sectors are also among the leading sectors, which have nurtured most from mobile commerce. M-Commerce has proved a major boon for these sectors. Several business dealings no matter how big or small are being finalised via mobile phone. Customer would be able to book the order, can hire carrier/courier services and above all could also pay the dues related to it through M-commerce.

4.Information Sector

After the bursting of dotcom bubble, E-commerce has gone downwards to hell. But the evolution of M-commerce has again worked as ambrosia for the sector. A separate sector has been evolved to exercise on this field for the IT experts. The webmasters have skillfully exploited this new area of IT enabled commerce.



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