2 [ What is M-Payment ? ]M-payment is a real-time payment that is made with the use of a mobile device. Formally known as a mobile payment.M-Payment involves submitting an electronic remittance for an outstanding bill.Cell phones are all utilized not only for call but also the means of making an M-Payment.It works without any GPRS or INTERNET connection it works by minimum requirement i.e. by means of TEXT SHORT MESSAGE SERVICES.(SMS)2
3 [ Analysis ] Mobile payment is a new and rapidly-adopting alternative payment method – especially in Asia andEurope.By visualizing the statistical data we can say that infuture there will be more craze & benefits.Number of Credit card user are :India has a total75 million cards(total)25 million credit50 million debitCont…
4 346 million Number of Cell Phones user are : ? ? ? people have mobile phones compared to only 75 million for credit cards and forecasts estimate that by 2011 there will be 400 million mobile phones. Payment by mobile phone and SMS is perfect for micropayments.
5 How M-Payment can be more effective than current e-Payment system ? Currently System working on Internet payment which is knownto be e-Payment System.As people are not too much familiar with the system and little bitcumbersome to use and which is totally using debit and creditcard.Now cell phones are used as basic need of individual and rathervery chip and easy to use as compared to Internet basedservices so it is more efficient and even a common man canuse the latest technology.5
6 How can we implement M-Payment ? These System is very easy to Implement becausethere is no need to implement from the core.Just we have to need some of the collaboration offollowing Entities which makes it possible toimplement this system.USERM-PAYMENT APPLICATION SERVICE PROVIDERLOCAL MERCHANTBANK SECTOR6
7 How M-Payment System will work? Let we consider that all entities are get together tomake this System.ConsumerContent Provider (CP)Trusted Third Party (e.g. telco, bank, credit card company, ISP)Payment Service Provider (e.g. telco, bank, credit card company, startup)5. Delivery of content1. Purchase indication7. Payment6.Billing0.Registration2.Purchase request4. Purchase authorization3.Authentication/ Authorization8.Revenue sharing9.Revenue sharing7
8 Mobile Payment User Merchant Mobile Payment SystemPurchase RequestGive Merchant your Mobile NumberMobile Payment UserMerchantSystem Credit Amount to MerchantMerchant Send Mobile Number and AmountSystem Call Mobile Phone, Speaks Amount & Request PINUser Enter and Send PIN using Mobile PhoneSystem Debit Amount from User Account8
9 Major Benefits & Advantages of M-PaymentThere is no need to implement special machine to read suchATM Card or CREDIT Card which reduces the cost of makingsuch cards and machine both.Every merchant can afford mobile rather than very high costCARD System so by which there are number of user to usethese technology as compared to Credit Card & Debit card.You can use as mobile as ATM Card also to receivecurrency from ATM machine.9
10 You can use the mobile for IDENTIFICATION of individual. At the time of registration in Bank and Mobile Serviceprovider both have their proof so we can get total detailinformation of customer.One of the major advantage of M-payment is it reduces theDUPLICATE CURRENCY flow in the market and misusedand also reduces currency maintenance cost due to allflow of currency is transferring one account balance toanother.No chance of HACKING your Bank Account ortransferring your Money by fraud or cheat as we haveseen many cases on the internet.All payments are on LEGAL TRANSCACTION no doubtof illegal sales by the merchants.10
11 Disadvantages of M-Payment System Perfect Database implementation cost.Quick time transaction capability.Quick response and accuracy from service provider.Powerful and Capable server.Mobile Network Problems.To change the service provider you have to do number ofchanges to other connected account to change.11
Your consent to our cookies if you continue to use this website.