MOBILE PAYMENTS 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)
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 • 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 • Faster transaction time • High security and trust in the MP service • Integration/simplification of existing payment approaches
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 • Transaction processing • Security
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