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Digital wallet(p)
 

Digital wallet(p)

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  • Extensible: a wallet should be able to accommodate user’s different payment and multiple payments protocols.Client-Driven: interaction between wallet &vendors ,we believe should be driven by the client.Symmetric: vendors & banks run software analogous to wallets which manages their end of the financial operation.Generalized: interfaces should be similar of what type of devices that the wallets, banks or vendors apps is running on.
  • Software, which provides both security and encryption for the personal information and for the actual transactionInformationcomponent, is basically a database of user-inputted information.

Digital wallet(p) Digital wallet(p) Presentation Transcript

  • Digital Wallet
    Guided By: Ms. Madhusmita Sahu Dept. of Information Technology
  • Roadmap
    • Vision & Motivation
    • What is a Digital Wallet?
    • How it works.
    • Characteristics
    • Peer to Peer Payments
    • Point of Sale Transactions
    Friday, October 14, 2011
    2
    © Gyana Ranjan Swain
  • Vision
    In the past few thousand years, the way we pay has changed just three times—from coins, to paper money, to plastic cards.
    Now we’re on the brink of the next big shift. We now want to introduce the digital wallet, which contains the virtual versions of our existing plastic cards.
    Friday, October 14, 2011
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    © Gyana Ranjan Swain
  • Motivation
    • Necessity is the mother of invention.
    -Plato
    • Wallets are growing bulkier day by day.
    • Mobile phones can serve the purpose.
    Friday, October 14, 2011
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    © Gyana Ranjan Swain
  • What is Digital Wallet
    • A digital wallet is a software
    component that allows a user to
    make an electronic payment with
    a financial instrument and hides
    the low-level details of executing the payment protocol that is
    used to make the payment.
    • A digital wallet allows users to make electronic commerce transactions quickly and securely.
    Friday, October 14, 2011
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    © Gyana Ranjan Swain
  • How it works.
    Friday, October 14, 2011
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  • Characteristics
    Extensible.
    Client-Driven.
    Symmetric.
    Generalized.
    Secured.
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  • Technology used in digital wallet
    • NFC Technology.
    • Passive RFID Tags.
    • Wireless Reader.
    • The Secure Elements.
    Friday, October 14, 2011
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    © Gyana Ranjan Swain
  • Setup and use
    Minimal setup and relatively easy to use.
    Entering of pertinent data can be manually or automatically.
    Can be made password protected or fingerprint protected.
    Components used:
    • Software component & Information Component
    Friday, October 14, 2011
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    © Gyana Ranjan Swain
  • Advantages for e-commerce sites
    Upwards of 25% of online shoppers abandon their order due to frustration in filling in forms. (Graphic Arts Monthly, 1999) The digital wallet combats this problem by giving users the option to transfer their information securely and accurately. This simplified approach to completing transactions results in better usability and ultimately more utility for the customer.
    Friday, October 14, 2011
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  • Digital Wallet vs. Real Wallet
    We can have two scenarios,
    Peer-to-Peer Mobile Payments.
    Point of sale card overload.
    Friday, October 14, 2011
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  • Peer to peer mobile payments
    • Network access is not ubiquitous – Tunnels, underground, rain etc.• Infrastructure is expensive – Small operators will not pay for it• Infrastructure solutions are a dime a dozen. – No peer-to-peer solution yet!
    Friday, October 14, 2011
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    © Gyana Ranjan Swain
  • Technical Challenges
    • How do you store cash in a phone?– Digital cash requires a lot of support• How do you make it a secure process?– Any bugs in security dooms the entire thing.• How do you make it fast and usable?– Cash Is trivial to use – This is replacing cash!
    Friday, October 14, 2011
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    © Gyana Ranjan Swain
  • Success Criteria
    • Fast• Easy to Use• Accurate• Low Cognitive Load• Secure
    Friday, October 14, 2011
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    © Gyana Ranjan Swain
  • Point of sale card overload
    At the checkout counter at Best buy we have to choose the right combination to maximize our profit.
    Case Study: Suppose we have X products from Y departments totaling Z Rupees. And also have α payment cards, β reward cards or loyalty cards.
    Friday, October 14, 2011
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  • Current Solutions
    • Guess• Pick a decent “good enough” solution – Not maximal• Perform detailed analysis – Fragile to change – Time consuming – Hard (Not novice friendly!)
    Friday, October 14, 2011
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    © Gyana Ranjan Swain
  • Digital Wallet’s Solution
    • Store all your card details in your phone• Place phone on reader at store• System matches store discounts with cards your have• Best results are displayed on a LCD display• Pick best option• Profit!!!
    Friday, October 14, 2011
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  • What Users say.. !
    – Speedy – Accurate–User Friendly – User need not have to keep any information.
    • Yes! U heard me right.
    Friday, October 14, 2011
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  • Conclusion…
    Friday, October 14, 2011
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  • References
    http://en.wikipedia.org/wiki/Digital_wallet
    http://www.webopedia.com/TERM/D/digital_wallet.html
    http://www.luminous-landscape.com/reviews/digital_wallet.shtml
    http://ecommerce.hostip.info/pages/330/Digital-Wallet-Technology.html
    http://www.guardian.co.uk/business/2011/may/26/google-unveils-digital-wallet/print
    http://www.technologyreview.in/printer_friendly_article.aspx?id=17355
    http://www.ibtimes.com/art/services/print.php?articleid=154532
    http://propid.ischool.utoronto.ca/digiwallet_overview/
    http://www.google.com/wallet/how-it-works.html
    http://www.yuvaengineers.com/?p=275
    http://readatech.com/2011/04/07/nfc-the-technology-that-redefines-contact-3580/
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    © Gyana Ranjan Swain
  • ANY QUESTIONS ??
    Friday, October 14, 2011
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    © Gyana Ranjan Swain