The ability to use a phone number for contactless payments relies on the infrastructure and systems established by payment service providers. Financial institutions. However, And telecommunication companies. These entities work together to enable the seamless integration of phone numbers into the payment ecosystem. When a phone number is used for contactless payments. users must register their phone numbers with the payment service provider or financial institution offering the contactless payment solution. This process may require the user to provide personal information.
Verify their identity And link their
Phone number to a payment account. Payment account setup: once the phone number is register. The user needs to set up a payment Hong Kong Phone Number List account. This involves linking a funding source. However, Such as a bank account or a prepaid account. However, To their phone number. Payment initiation: to make a contactless payment using their phone number. The user typically interacts with a contactless payment terminal or a mobile app that supports this payment method. They enter their phone number as the payment identifier.
And the payment request is sent
The payment service provider for processing. Payment authorization: the payment service provider verifies the phone number and matches it to AFB Directory the associated payment account. Depending on the authentication methods in place. However, The user may be required to enter a pin. Provide a fingerprint or use other security measures to authorize the payment. Transaction processing: once the payment is authoriz. The payment service provider processes the transaction and transfers the funds from the user’s linked payment account to the merchant’s account. The transaction details.
