Design Con 2015

Mobile Payment Technology Reaching Critical Mass?

View comments: newest first | oldest first | threaded
Page 1 of 2   Next >   Last >>
Susan Fourtané
User Rank
Blogger
Re: security
Susan Fourtané   12/1/2014 8:56:18 AM
NO RATINGS

Flyingscot, 

You are rarely going to get 100 percent security unless you use a good security protocol, have your passwords encrypted in the cloud and distributed in several servers, like the new IBM's security protocol proposes, which promises to be safe even if you try a dictionary attack, or brute force attack. 

Now, let me tell you that I have embraced any system of payment that doesn't involve me carrying cash since my bank account was left empty after a pickpocket stole my wallet in a tram when I was living in Prague. Since then, I never carry cash and my debit card has several security tricks. 

I understand your case, but imagine that you were left, like I was, with zero money, that all what you were carrying that day in cash (rent for the month, money to deposit in the bank, etc., plus all what you had in your bank account was stolen by someone who didn't think you were not going to have money for anything until your next payment next month). It takes years to recover from that. 

So, any new payment system is supposed to be better than anything that we have previously used. We have to be vigilant at all times because thieves are everywhere. 

-Susan 

Nemos
User Rank
Supply Network Guru
substitute service
Nemos   11/30/2014 1:58:02 PM
NO RATINGS

If I understand well, instead of having a real plastic card we can use our mobile to do our shops. If that is correct I don't believe is an innovation and I doubt it will be a success story as can be used only as a substitute service of the card does not function.

tech4people
User Rank
Supply Network Guru
Why bother with your Bank Account when you can do everything via your Cellphone?
tech4people   11/29/2014 1:33:25 PM
NO RATINGS

I have seen many countries in Africa and Asia where nobody bothers with bank Accounts(and Transfers) anymore for small-small transactions.

They simply use their Cellphone Balance as Cash Credit!!!

Cellphone Companies have pushed this idea aggressively in Developing markets(and its been quite successful too).

Cellphone Companies are the Happiest as they constant Business and their Phone Credit becomes equivalent to Cash(which is what it really is).

For instance,Lets say you have a Phone with 200 dollars of Credit on it[It works only pre-paid Phones which are the default all across the Developing world].

The User can use those 200 dollars to buy stuff (using Store Apps,etc ) or Transfer that Cash to someone else(via Phone Apps).

So Simple and convenient(especially for Small transactions).

This has not just reduced crime (no cash carried anywhere) but also Disintermediated the Costly Banking Network entirely.

tech4people
User Rank
Supply Network Guru
Re: Mobile Payment Technology has already gained critical Mass in Asia and Africa
tech4people   11/29/2014 1:20:46 PM
NO RATINGS

Waqas,

Have to agree wholeheartedly with your Sentiments!

Brilliantly,Brilliantly put points!

In fact I look at the lack of this Basic Infrastructure(banking networks) in Developing Countries as a major Positive.

Why is that so?

That means there are no Lobbies of well paid Bank Executives who will rebel and protest against these changes which can move to Disintermediate them or practically make them irrelevant in the Larger scheme of things.

Great move in more ways than one!

 

TaimoorZ
User Rank
Supply Network Guru
Re: Mobile Payment Technology has already gained critical Mass in Asia and Africa
TaimoorZ   11/29/2014 6:26:07 AM
NO RATINGS

@tech4people: I think the best part about mobile payment systems is the fact that the developing countries have taken a leap over the developed countries in this. Primarily because a lack of infrastructure, scattered rural population and other reasons, developing countries have really turned around the situation when it comes to mobile payments and branchless banking.

TaimoorZ
User Rank
Supply Network Guru
Re: security
TaimoorZ   11/29/2014 6:21:08 AM
NO RATINGS

@Flyingscot: You cannot have 100% security anywhere but there are ways to make the system more secure. One of them is using two factor authentication whereby any transaction you make has to be verified by you using some other means.

FLYINGSCOT
User Rank
Supply Network Guru
security
FLYINGSCOT   11/28/2014 11:36:49 AM
NO RATINGS

I know this is the way of the future and should be embraced but I sure to worry about the security of these systems.  Having just been the victim of credit card fraud to the sum of $3k I am a bit sensitized right now.

Susan Fourtané
User Rank
Blogger
Cashless
Susan Fourtané   11/28/2014 9:28:26 AM
NO RATINGS

It's good to see mobile payments growing and becoming more popular. It's just one more step close to a cashless society, which believe it or not is not too far away. 

-Susan

Susan Fourtané
User Rank
Blogger
Coin
Susan Fourtané   11/28/2014 9:25:18 AM
NO RATINGS

That Coin device sounds and looks great. When your wallet gets fat and heavy with lots of cards you only want to simplify. I have started  to leave behind half of the cards for that reason, which is a problem as it is one more  thing to think about. 

But, they seem to have thought only in the US, according to what the video shows. :( What about using that Coin in Europe with chip and PIN as we use? Electromagnetic bands have been obsolete for a long time and are not as secure as chip and PIN. Maybe they will think about it before they launch the device. :/  

-Susan

Himanshugupta
User Rank
Supply Network Guru
payment using e-wallet provided by carriers
Himanshugupta   11/28/2014 6:14:26 AM
NO RATINGS

This may not be new but apart from paying through the credit card using the mobile, people have options to pay through an e-wallet provided by their mobile carrier service provider. This is like a all-time debit card where one can send a transaction from one's e-wallet to another's e-wallet. Right now this works only for intracarrier acccounts. 

Page 1 of 2   Next >   Last >>


More Blogs from Rich Pell
The acquisition of the Duracell battery brand by Warren Buffett's Berkshire Hathaway could have broader implications for the power technology industry.
Bitcoin is hot. And it's going to change the electronics industry.
A satellite computer designed to serve as the basis of a small, reusable satellite platform has been developed by students at the University of Stuttgart.

Datasheets.com Parts Search

185 million searchable parts
(please enter a part number or hit search to begin)
EBN Dialogue / LIVE CHAT
EBN Dialogue enables you to participate in live chats with notable leaders and luminaries. Open to the entire EBN community of electronics supply chain experts, these conversations see ideas shared, comments made, and questions asked and answered in real time. Listed below are upcoming and archived chats. Stay tuned and join in!
Archived Dialogues
Live Chat 11/12: Examining the Cyberthreat to Supply Chains
The number of cyberattacks is on the rise and hackers are targeting the supply chain. Drew Smith, founder and CEO of InfoArmor, will be on hand to discuss the reality of today's threat landscape and what to do about it.
Live Chat 11/06: Enterprise Risks, Intellectual Property & Supply Chains
Enterprise risk management (ERM) frameworks can be useful to identify, assess, and manage intellectual property (IP) risks that arise in supply chain compliance. We'll look at real-world examples and strategies for mitigating those risks.
Latest Poll
EBN Newswire
BANNOCKBURN, IL & WASHINGTON   12/11/2014
2014 DSW Rule Fails to Incentivize Recycling Sufficien...
Twitter Feed
EBN Online Twitter Feed