The document outlines the process of making payments through smartphone cameras scanning merchant codes, leveraging a real-time payment system enhanced by two-factor authentication for secure transactions. It emphasizes the importance of NFC-enabled devices for facilitating mobile payments and the ongoing development of digital wallets, which store various digital assets and adapt to consumer needs. The evolution of these technologies aims to improve the efficiency and security of transactions across multiple sectors.

1. Users can make payments by scanning a
code displayed on the merchant’s
payment terminal using their smartphone
camera.
The real-time payment system facilitates peer-
to-peer interbank transactions through a
streamlined two-factor authentication process,
providing users with a secure and efficient
transaction experience.
This technology facilitates the transmission of
payment information between two NFC-
enabled devices nearby. Notably, merchants
must have the appropriate equipment to
facilitate NFC mobile payments.
DIGITAL WALLET DEVELOPMENT
Digital wallets have emerged as a convenient and secure
solution for storing and accessing digital currencies, loyalty
points, tickets, and other digital items.
Digital wallet development continues to evolve alongside
advancements in technology and changing consumer needs.
As digitalization progresses, these wallets play a vital role in
enabling secure, convenient, and efficient management of
digital assets in various sectors, from finance and retail to
entertainment and travel.
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DIGITAL WALLET APP WORK
UPI (UNIFIED PAYMENT INTERFACE
QUICK RESPONSE (QR) CODES
NEAR FIELD COMMUNICATION (NFC)
MST (MAGNETIC SECURE TRANSMISSION
This technology produces a magnetic signal
replicating a conventional payment card upon
swiping, enabling users to make payments swiftly
and effortlessly without retrieving their wallet
manually.