e transactions

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Transactions in the e-Environment

• An e-commerce presentation

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What are Digital Wallets ?

• A digital wallet refers to an electronic device
  that allows an individual to make electronic
  commerce transactions. This can include
  purchasing items on-line with a computer OR using
  a Smartphone to purchase something at a store.
• It is useful to approach the term "digital
  wallet" not as a singular technology but as three
  major parts
• the system (the electronic infrastructure)
• the application (the software that operates on
  top)
• and the device (the individual portion)

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Further .........

• Typically, digital wallets are stored on the
  client side and are easily self-maintained and
  fully compatible with most e-commerce Web sites,
  and known as a thick wallet. A server-side
  digital wallet, also known as a thin wallet, is
  one that an organization creates for and about
  you and maintains on its servers.
• The key point to take from digital wallets is
  that they're composed of both digital wallet
  devices and digital wallet systems. There are
  dedicated digital wallet devices such as the
  biometric wallet by Dunhill, where it's a
  physical device holding someone's cash and cards
  along with a Bluetooth mobile connection.

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Application of Digital wallets

• As per many surveys conducted in the US upwards
  of 25 of online shoppers abandon their order due
  to frustration in filling in forms. The digital
  wallet combats this problem by giving users a
  simplified option to transfer their information
  securely and accurately.
• Digital wallets when were first introduced in
  Kenya, it was done on the lines of creating a
  sub-bank like payment mechanism already in use by
  people in those countries via the medium of
  mobile balance exchange.
• It helps to do the work that all major banks have
  failed to doconnect the last mile population to
  the online payment world.

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Digital currency V/s Virtual currency

• Digital currency or digital money is an
  Internet-based medium of exchange distinct from
  physical (such as banknotes and coins) that
  exhibits properties similar to physical
  currencies, but allows for instantaneous
  transactions and borderless transfer-of-ownership.
  
• "Virtual" can be defined as "not based in
  physical reality," and virtual currencies are
  those which are not intended for use in "real
  life," or for expenditures on real assets.
  Consequently, most virtual currencies can be
  found in online gaming and are subject to
  centralized authority, with the control of the
  money supply resting in the hands of the virtual
  world's developers. An example of a purely
  virtual currency is Amazon Coins.

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So that means..........

• "Digital" currencies can be used to facilitate
  payment for physical goods and services in "real
  life," thus, inhabiting similar characteristics
  to traditional physical currencies in that
  respect. Furthermore, digital currencies can be
  used to facilitate payment in-person at physical
  business establishments.
• The main problem arises when the thin line of
  difference between those two starts to fade away
  when we use physical currency to purchase virtual
  currency. A fine example is to purchase Facebook
  coins.

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So what is Master card ?

• MasterCard or MasterCard Worldwide is an
  American multinational financial
  services corporation headquartered in
  the MasterCard International Global Headquarters
  ,New York, United States
•  Its principal business is to process payments
  between the banks of merchants and the card
  issuing banks or credit unions of the purchasers
  who use the "MasterCard" brand debit and credit ca
  rds to make purchases. 

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What is Rupay ?

• RuPay is an Indian domestic card scheme conceived
  and launched by the National Payments Corporation
  of India (NPCI).1 It was created to fulfill
  the Reserve Bank of Indias desire to have a
  domestic, open loop, and multilateral system of
  payments in India. RuPay facilitates electronic
  payment at all Indian banks and financial
  institutions, and competes with Mastercard and
  Visa in India.
• The RuPay card was launched on 26 March
  2012. NPCI entered into a strategic partnership
  with Discover Financial Services (DFS) for RuPay
  Card, enabling the acceptance of RuPay Global
  Cards on Discovers global payment network
  outside of India.

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Something innovative- M-pesa

• M-Pesa (M for mobile, pesa is Swahili for money)
  is a mobile phone-based money transfer, financing
  and micro financing service, launched in 2007
  by Vodafone, the largest mobile network operators
  in Kenya and Tanzania.
• In 2002, researchers at the Commonwealth
  Telecommunications Organisation in UK,
  documented that in Uganda, Botswana and Ghana,
  people were spontaneously using airtime as a
  proxy for money transfer using the authorised
  airtime credit swapping a precursor step
  towards M-Pesa.

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M-pesa............

• M-Pesa, was launched in India as a close
  partnership with ICICI bank in November
  2011. Development for the bank began as early as
  2008. The service continues to operate in a
  limited geographical area in India. Vodafone
  India had partnered with both ICICI and ICICI
  bank,
• The service enables its users to
• deposit and withdraw money
• transfer money to other users and non-users
• pay bills
• purchase airtime etc.
• The technology used is basically of two kind
• SIM toolkit services
• USSD(Unstructured Supplementary Service Data)

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