fact, Merita Bank of Finland introduced the first mobile phone-based banking system using sms. Thereafter, mobiles phones were used to buy movie tickets (Ericsson & Telnor Mobil, 1999), to arrange travel (KLM, 2000), and also to order pizza for delivery (Domino’s Pizza, 2001). By 2003, 95 million cell phone users worldwide had made a purchase via their mobile device and the market is continuously growing from there. The advent of smartphones has also revolutionized the mobile payment service. Types