e to existing services Merchant Base Increase customer loyalty MC Enabled Network New revenue channels Increase average revenue per user Minimal Investment Cost Financial Institutions Customer Base Branding and customer loyalty Merchant Base Secure and trusted payment service/fraud-loss Payment Infrastructure minimization Integration/use of existing infrastructure and payment methods Device Manufacturers MC Enabled Devices Open, interoperable, widely-used standards Low cost of new technologies and features that need to be integrated Franchisee Agent role/Middleman Increase Customer Loyalty Additional revenue channel Government Legislations Transparency at all levels Monitoring Infrastructure Taxable income IMS, Services and Applications 9.12.1.4 M-commerce Payment Models Although several MP (mobile payment) efforts exist, there is still no dominating mobile payment model in the market. Some key payment models are as follows [14]: In the acquirer-centric model the merchant and his/her agent are in charge of handling the interactions with the mobile device. Such approaches usually depend on a mobile-specific protocol and require specific capabilities from the user (mobile device) and merchant side. In the issuer-centric model the customer and his/her agent are in charge of handling the interaction with the mobile device while the merchant may be totally unaware of the mobile nature of the payment. For instance, mobile payment systems that use callback methods or a WIM-based (Wireless Identification Module) digital signature validated by wallet server fall within this category. In a bank-dominated mobile payment model, the bank handles the mobile payments while the MNO (mobile network operator) only provides the air connection between the user and the bank. In the MNO-dominated model the MNO is doing the billing either on the prepaid user account or later on in the phone bill for their postpaid users. In some cases revenue-sharing agreements with multiple MNOs exist in order to broaden the customer base. 9.12.1.5 Ch