MOBILE PAYMENTS[1]

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MOBILE PAYMENTS1

• CSCI 5708
• 1)Tootu kurra
• 2)Kaustubh Rawoorkar

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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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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,

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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.

5
System Architecture

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Merchant Benefits

• Faster transaction time
• High security and trust in the MP service
• Integration/simplification of existing payment
  approaches

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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

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Underlying Topics

• Transaction processing
• Security

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Thank You!
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• 1Swiping 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/techno
  logy/24wallet.html?_r1