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MOBILE PAYMENTS [1]. CSCI 5708 1)Tootu kurra 2)Kaustubh Rawoorkar . Types of mobile payments. Bar Code: Scanned from a cell phone “ Loaded ” with a pre-paid balance.(Starbucks) Near Field Communications: Short wireless technology similar to RFID.(European and Asian Markets).

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mobile payments 1

MOBILE PAYMENTS[1]

CSCI 5708

1)Tootu kurra

2)Kaustubh Rawoorkar

types of mobile payments
Types of mobile payments
  • Bar Code: Scanned from a cell phone “Loaded” with a pre-paid balance.(Starbucks)
  • Near Field Communications: Short wireless technology similar to RFID.(European and Asian Markets)
existing trends
Existing Trends
  • NFC technology is used for making payments with a cell phone by waving or tapping the phone on a “reader”, a properly equipped terminal at a retail checkout.
  • Reader scans the smart phone and completes the transaction using the credit card information,
replace existing models
Replace Existing Models
  • The shift to smartphones and, more importantly, the accompanying consumer awareness and acceptance is driving home a new technological reality.
  • In the past, a magnetic stripe was required to seamlessly move payment information between buyers and sellers which raised security issues.
merchant benefits
Merchant Benefits
  • Faster transaction time
  • High security and trust in the MP service
  • Integration/simplification of existing payment approaches
customer benefits
Customer Benefits
  • Trusted and secure solutions (at technical and social level)
  • Being able to pay “anywhere,”“anytime” and in any currency
  • Support for micro/mini and macro payments selectable per payment provider
  • Real-time status of MP transactions
underlying topics
Underlying Topics
  • Transaction processing
  • Security
slide10

[1]Swiping Is the Easy Part, TARA SIEGEL BERNARD and CLAIRE CAIN MILLER, New York Times, March 23, 2011, URL http://www.nytimes.com/2011/03/24/technology/24wallet.html?_r=1