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¶ … multi-channel (USSD, NFC,2d Barcode RFID,,WAP) enabled Mobile Payment System with multiple payment gateway integration (online).
In this project, I present a product extension -- an extension on the existing mobile payment technologies and modules through the incorporation of a multi-channel (USSD, NFC,2D Barcode RFID, WAP) enabled Mobile Payment System with multiple payment gateway integration (online).Corporate Social Responsibility emerged as a key component of such project.
A recent PEW study, close to more than 85% of the American adults own a cell phone (Zickuhr,2011).This kind f statistics means that mobile payment techniques are at the verge of revolutionizing global and local commerce in all sectors of life. In this project, I present a product extension -- an extension on the existing mobile payment technologies and modules through the incorporation of a multi-channel (USSD, NFC,2D Barcode RFID, WAP) enabled Mobile Payment System with multiple payment gateway integration (online).
Background
This innovation is informed by the very fact that almost on a daily basis, a brand new mobile payment venture is introduced which makes it easier for millions of consumers as wel as businesses to employ mobile phone technology in enabling as well as enhancing the processing of millions of dollars (Contini et al.,2011,p.4). The initial focus was more on the process sof enabling mobile device applications to be used as browsers for accessing the already existing internet-based payment as well as banking and retail systems. However, more recently, there has been a need for the use of application-enabled mobile phone applications as a suitable payment form factor that can substitute cash, check, as well debit and credit cards. The main aim is to create a virtual super wallet that is connected to your banks and other online payment gateways and payment processors. Several financial institutions have already tested these capabilities. These...
This system also embraces the use of USSD and SMS messages through mobile phones in initiating the clearing as well as settlement of funds through secure and specialized functions. Such a system was used successfully in Haiti in funneling funds to aid the earthquake victims. This innovation is the mother of all mobile payment gateways since it embodies all the latest technologies into a single piece of hardware and then allows the functionalities to be executed as need arises. This means that it embodies the MPESA technology and the systems used by Amazon, Google, and PayPal.
It is worth noting that the development and implementation of this technology in the United States would not be quite challenging since the evolution of mobile payment in the nation in itself followed a rather unique path due to the fact that the country has a well-defined and regulated mobile payment as well as banking system.
The only issue is that the U.S. consumers are already blessed with multiple payment methods so there is no absolute or dire need for the deployment of a full fledge mobile payment as an alternative.
There is however a growing evidence that in the future, mobile payment systems ill become a significant element or face of the U.S. payment systems. A recent study by the U.S. government indicated that up to 18% of the U.S. households are not banked (don't have a bank account).According to FDIC (2009), one of the main…
References
Contini et al. (2011). Mobile Payments in the United States Mapping Out the Road Ahead. Available online at http://www.frbatlanta.org/documents/rprf/rprf_pubs/110325_wp.pdf
FDIC. (2009). "National Survey of Unbanked and Underbanked Households," December
Raine, L (2012). Pew Research Center's Internet & American Life Project.PEW Research. http://pewinternet.org/~/media/Files/Reports/2012/PIP_Smartphones_Sept12%209%2010%2012.pdf
Zickuhr, K (2011) .Generations and their gadgets.PEW Research. http://www.libraryworks.com/bynumbers/pip_generations_and_gadgets.pdf
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