University of Minnesota MOBILE PAYMENTS [1] CSCI )Tootu kurra 2)Kaustubh Rawoorkar

University of Minnesota 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) 2

University of Minnesota 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, 3

University of Minnesota 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. 4

University of Minnesota System Architecture 5

University of Minnesota Merchant Benefits Faster transaction time High security and trust in the MP service Integration/simplification of existing payment approaches 6

University of Minnesota 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 7

University of Minnesota Underlying Topics Transaction processing Security 8

University of Minnesota Thank You! 9

University of Minnesota [1]Swiping Is the Easy Part, TARA SIEGEL BERNARD and CLAIRE CAIN MILLER, New York Times, March 23, 2011, URL 24wallet.html?_r=1 10