mobile payments
DESCRIPTION
This presentation gives a broad overview of Mobile payments and its benefits to the customers who adopt it.TRANSCRIPT
The next big revolution
www.binarymantrasystems.com
AGENDAM-Payments - PrefaceAbout BMSSome key conceptsStakeholders in M-paymentsThe payment system The technology behind m-paymentsThe classificationOpportunitiesChallengesKey Factors for SuccessThe Indian ScenarioConclusion
PrefaceWhat is Mobile Payments ?
User demand creating exciting opportunities for m-payment companies
Estimated market size of 22 billion USD in next 3 years worldwide
Ease of use, security and pricing will determine the road ahead
About BMSIt is an India based software development organization
It has been working closely on developing Mobile applications and IT related healthcare solutions
In order to gain a foothold in the market, it is closely observing the m-payment market
They feel that the future lies in a technology platform whereby m-payment is highly secure and can support a wide range of mobile devices
Some key conceptsMobile Remote Payment It covers payments that take place online, in which the mobile phone is used as a
device to authenticate personal information stored remotely
Mobile Proximity Payment It refers generally to contactless payments in which the payment credential is
stored in the mobile and is exchanged over the air, based on NFC technology, with a dedicated and compatible payment terminal.
Near Field Communication It is a short-range radio frequency communication technology that enables NFC
devices located no more than a few centimeters from each other to exchange data. NFC devices are totally compatible with existing contactless technologies like smart cards and contactless stickers.
Mobile Payments - Stakeholders
The M-Payment System
Mobile Device
Content Provider
Payment Service Provider
The Technology behind M-paymentsContactless payment readers
Network connecting them to transaction processors
NFC-equipped phones
Network for providing mobiles with personal account information
Software for mobile device UI and back end server application
Classification M-payments can be classified into four broad categories
depending on their functionality;
Transaction type
Transaction Settlement type
Content type
Content value
Opportunities
Penetration Size and growth rate of the mobile market is the key driver of mobile services
Demographics India, having largest young population and a high amount of disposable income,
plays a key role
Infrastructure The capabilities of handsets easily support latest services and applications
ChallengesLack of technology standards
Regulatory bodies
Business Models
Security aspects
Consumer Awareness
Key Factors for SuccessUser convenience
Security and Trust
Registration and Activation process
Local level standardization
Communication and marketing efforts
The Indian ScenarioCurrently registered no. of m-payment users is close to 3.5
million users
2 types of payment systems are in use at present; Text/SMS based service – Paymate, mChek, Obopay GPRS based service – JiGrahak
In next 3 years, the number is expected to grow to 9 million users due to increase in quality and adoption of handsets
ConclusionMobile payment has not been adopted on a scale large
enough to make it viable, but it will arrive when the handset, network operator and vendor infrastructure is in place
Much work is still to be done in the areas of wireless network security, standardization of protocols, and user interface design
Mobile payments has opened up opportunities for several types of industry players like mobile operators, IT companies and banks
CONTACT
CONTACT
Sudhakar MishraVP- Sales & Marketing+91 –( 932) 615 6840
www.binarymantrasystems.com
Feel free to contact us for any mobile applications development work