Mobile Payments


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This presentation gives a broad overview of Mobile payments and its benefits to the customers who adopt it.

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Mobile Payments

  1. 1. The next big revolution
  2. 2. AGENDA <ul><li>M-Payments - Preface </li></ul><ul><li>About BMS </li></ul><ul><li>Some key concepts </li></ul><ul><li>Stakeholders in M-payments </li></ul><ul><li>The payment system </li></ul><ul><li>The technology behind m-payments </li></ul><ul><li>The classification </li></ul><ul><li>Opportunities </li></ul><ul><li>Challenges </li></ul><ul><li>Key Factors for Success </li></ul><ul><li>The Indian Scenario </li></ul><ul><li>Conclusion </li></ul>
  3. 3. Preface <ul><li>What is Mobile Payments ? </li></ul><ul><li>User demand creating exciting opportunities for m-payment companies </li></ul><ul><li>Estimated market size of 22 billion USD in next 3 years worldwide </li></ul><ul><li>Ease of use, security and pricing will determine the road ahead </li></ul>
  4. 4. About BMS <ul><li>It is an India based software development organization </li></ul><ul><li>It has been working closely on developing Mobile applications and IT related healthcare solutions </li></ul><ul><li>In order to gain a foothold in the market, it is closely observing the m-payment market </li></ul><ul><li>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 </li></ul>
  5. 5. Some key concepts <ul><li>Mobile Remote Payment </li></ul><ul><li>It covers payments that take place online, in which the mobile phone is used as a device to authenticate personal information stored remotely </li></ul><ul><li>Mobile Proximity Payment </li></ul><ul><li>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. </li></ul><ul><li>Near Field Communication </li></ul><ul><li>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. </li></ul>
  6. 6. Mobile Payments - Stakeholders
  7. 7. The M-Payment System Mobile Device Content Provider Payment Service Provider
  8. 8. The Technology behind M-payments <ul><li>Contactless payment readers </li></ul><ul><li>Network connecting them to transaction processors </li></ul><ul><li>NFC-equipped phones </li></ul><ul><li>Network for providing mobiles with personal account information </li></ul><ul><li>Software for mobile device UI and back end server application </li></ul>
  9. 9. Classification <ul><li>M-payments can be classified into four broad categories depending on their functionality; </li></ul><ul><li>Transaction type </li></ul><ul><li>Transaction Settlement type </li></ul><ul><li>Content type </li></ul><ul><li>Content value </li></ul>
  10. 10. Opportunities <ul><li>Penetration </li></ul><ul><li>Size and growth rate of the mobile market is the key driver of mobile services </li></ul><ul><li>Demographics </li></ul><ul><li>India, having largest young population and a high amount of disposable income, plays a key role </li></ul><ul><li>Infrastructure </li></ul><ul><li>The capabilities of handsets easily support latest services and applications </li></ul>
  11. 11. Challenges <ul><li>Lack of technology standards </li></ul><ul><li>Regulatory bodies </li></ul><ul><li>Business Models </li></ul><ul><li>Security aspects </li></ul><ul><li>Consumer Awareness </li></ul>
  12. 12. Key Factors for Success <ul><li>User convenience </li></ul><ul><li>Security and Trust </li></ul><ul><li>Registration and Activation process </li></ul><ul><li>Local level standardization </li></ul><ul><li>Communication and marketing efforts </li></ul>
  13. 13. The Indian Scenario <ul><li>Currently registered no. of m-payment users is close to 3.5 million users </li></ul><ul><li>2 types of payment systems are in use at present; </li></ul><ul><li>Text/SMS based service – Paymate, mChek, Obopay </li></ul><ul><li>GPRS based service – JiGrahak </li></ul><ul><li>In next 3 years, the number is expected to grow to 9 million users due to increase in quality and adoption of handsets </li></ul>
  14. 14. Conclusion <ul><li>Mobile 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 </li></ul><ul><li>Much work is still to be done in the areas of wireless network security, standardization of protocols, and user interface design </li></ul><ul><li>Mobile payments has opened up opportunities for several types of industry players like mobile operators, IT companies and banks </li></ul>
  15. 15. CONTACT
  16. 16. CONTACT Feel free to contact us for any mobile applications development work Sudhakar Mishra VP- Sales & Marketing +91 –( 932) 615 6840 [email_address]