1. CISC 849 : Applications in Fintech The future is already here? https://www.youtube.com/watch?v=0z46KzHOgmM

2. CISC 849 : Applications in Fintech Eriselda Danaj Dept of Computer & Information Sciences University of Delaware The story behind Mobile Payments

3. CISC 849 : Applications in Fintech The world of Fintech First Bullet

4. CISC 849 : Applications in Fintech What are mobile payments?

5. CISC 849 : Applications in Fintech What are mobile payments?

6. CISC 849 : Applications in Fintech How are MP funded? 1.Bank account 2.Credit/ Debit card 3.Mobile carrier

7. CISC 849 : Applications in Fintech For what are MP used? 1.P2P transfers 2.Purchases 3.POS

8. CISC 849 : Applications in Fintech Technologies used for MP 1.Near field communications (NFC) 2.Radio frequency identification (RFID) 3.2D barcode 4.Wireless Application Protocol (WAP)

9. CISC 849 : Applications in Fintech NFC- best known technology Wireless communication Technology Short-range High-frequency Standards- Based

10. CISC 849 : Applications in Fintech RFID- Japan and Korea! Can be read from several meters away. Receives the message and responds with identification information. Transmits an encoded radio signal to interrogate the tag. Can be used for both POS and P2P mobile payments. Less secure than NFC!!!

11. CISC 849 : Applications in Fintech 2D barcode Used by target and Starbucks.

12. CISC 849 : Applications in Fintech WAP – PayPal In other words: WAP transmits information over a mobile wireless network. Consumer logs on to the payment provider’s website.

13. CISC 849 : Applications in Fintech Current use of MP worldwide

14. CISC 849 : Applications in Fintech What is holding back MP in US? 1.Lack of common Business Models 2.Lack of information on what consumers want 3.Agree on tech standards Lack of a better understanding of the benefits of MP 1.Uncertainty about net benefits 2.Lack of information regarding the value of MP Supply Side Barriers Demand Side

15. CISC 849 : Applications in Fintech Risk model for MP Mobile Apps Undermined by routing Fraudulent WiFi Mobile Device Mobile device can be lost Leverages Converged Communications Susceptible to Rogue Apps Insecure Storage Sensitive information Need to be encrypted

16. CISC 849 : Applications in Fintech Opportunities 1.Leverage mobile device & apps to mitigate fraud (increase level of encryption and move towards cloud-based environment). 2.Develop strong RM to prevent intentional and unintentional data leakage. 3.Mitigation tools should be re-assessed (example: iPhone 5S fingerprint device activation)

17. CISC 849 : Applications in Fintech …… 4.MP is driving the need to reinvent strong authentication Fast Identification Online Alliance (FIDO) Initiative for Open Authentication 5.Cloud-based authentication services are cost efficient.

18. CISC 849 : Applications in Fintech What comes next??