Mobile payment articles, mcommerce, mobile commerce, MFS and many more
In 2020, the Bank of International Settlement (BIS) published guidelines for central banks and included discussion of core banking features.Payment System Resilience was one of the top required features as per the guidelines, So …What is payment system resilience and what are the possible ways to achieve this? I hope that this document will give … Read more
In conclusion, this document on Super App applications is the result of a collaborative effort of combined expertise. It is important to note that there are multiple design approaches to Super Apps that cannot be fully encapsulated in a book, and that this document is not the optimal solution. Rather, it is an attempt to … Read more
Micro, Nano and digital microfinance or digital loans are now a trend, on daily bases I’m discussing various models and implementations with a bunch of potential players who want to step-in this new business stream. Over these quick interactions I found it useful to write a quick handy guide for those who want to have … Read more
يا حجاج بيت الله هنيئا لكم وتقبل الله سعيكم وغفر ذنبكم، هذه خواطر عن رحلة الحج وتلميحات عن تجربة فعلية علها تكون سببا في التيسير عليكم بإذن الله.
أسأل اللهم أن يتقبل منكم وأسالكم الدعاء لي وللوالدين بالرحمة ولجميع المسلمين.
فريضة الحج قد تؤدي كحج مفرد، قارن أو متمتع وفي الكتيب الموجود بآخر الموضوع تفصيل وبيان لأنواع الحج، رحلتنا كانت حجا متمتعا ويرجى مراعاة الفرق في ترتيب المناسك للنوعين الآخرين.
Like10 to15 years ago people used public coin phone booths to do their important calls on the go, on a daily bases it was familiar to see waiting line in front of the cabinet waiting for their turn.
Coin phones,
Even though calls was clearly cheap, it was common to see some metal circles simulates the coin –Coin fraud– weight and size, in order to cheat the cabinet and establish a free phone call, and guess what? This fake coins was returned to other customers as change after finishing a call. You may also recall that coins connected to a wire where the user can pull it back after finishing his call.
Building a reliable and robust mobile payment system is always a challenge,it requires good analysis from business, marketing and technical teams together to deliver a simple, secure and convenient system to the end users. On the other side there are some trivial mistakes some people do, and this quick guide list some hints to help you to avoid making such mistakes unless your target is to build a system to fail!
This article is Part2 and you are advised to check Part1 to get a clear idea on how the article is listed.
Within this series I will list the most critical points I used in my evaluation as guide line for any one wants to build a system to fail, and it worth mentioning that you can use the below tips on your own risk with no liability on the author![Hint] I will add some comments after each tip for explanation.Few days ago the giant smart phone manufacturer Apple announced its new payment product ‘Apple pay’ and finally iPhone will come with NFC port in a step that all the world identified as very late step from Apple side!
Apart form the new introduced techniques, the added security value and the new payment experience, the announced product did not add any new value or proposition to the mobile payment industry.
In our recent post Saving the titanic we went through possible benefits of mobile payment and its capabilities and tracking options of this new revolutionary services. It was not possible to go through such capabilities without touching the most critical term Privacy!
Currently digitizing consumer life is always suspected and accused, with multiple cases and news about privacy hacking and the endless arguments if this is ethical or not, legal or not, you might refer to the recent announced news about Google via this link for a story about an internet user arrested due to illegal email contents.
Back to mobile payment, in a typical crime investigation you might be suspected and you will discover that the mini store you stopped by to buy a coke can was actually a hidden drug dealer.
Such obsesses will be doubled and might be a real showstopper for some set of customers, and it will increase wherever political or terrorism issues exists. In some cases shopping anonymously is a real need and its absence might block possible sales targets. You may now realize how Bitcoin and similar digital currencies found their way in.
To overcome this financial institutions, banks, MNO or even vendors must ensure that they are legally authorized and entitled for such financial services, and a preset agreement with regulators and government not to disclose customer information without certain approvals.
On the other side the service provider must state clearly in their contract under what circumstances they will release the customer data, another factor is the information sharing with 3rd parties. It sounds interesting to see an offer on a new mobile device dedicated for me as I was paying for the repair shop last week. But it also means I’m hacked and I’m fully monitored on the go!
This is not simple as social media sites situation, in social media I’m submitting my data and risk my privacy on my own and I’m still able to control what to be shared, but for payment I have no alternatives to pay for the coffee or maintenance.
Vendors must pay attention to this up rising risk, and it will not make sense to hand such controls over to the customer to decide when he will use his mobile wallet and when to go with cash as it will work against the mobile payment concept!
Very complicated indeed, and going through alternatives needs a separate article to carry on!
Khaled Sayed
Photo Credit: http://p1.pichost.me/640/59/1836187.jpg
Through our previous article Cash-In the passion fruit we explored how Cash-in can be a pain to any new mobile payment installation, and in the previous Saving the titanic article we explored some potential benefits for mobile payment.
We will carry on here to explore hidden benefits and values in mobile payment, and why we should consider mobile payment as on of the most innovative or revolutionary product.
Mobile payment is a new way to redefine our daily relations and operations, adding new unlimited features and helping the economy rising in emerging and poor countries.
Merchant boundaries,
If you are a certain product or store chain fanatic, most likely you are subscribed to your addicting product loyalty program either through mobile application or a plastic card. In developed countries users might join unlimited loyalty programs and during their daily trades they keep collecting points from different merchants and redeem it with simple gifts or discounts from time to time.
In emerging markets, with the absence of such mega stores or chains customers that does not have the same motivation to spend money, such deals or offers can’t be sponsored with those local dealers and micro merchants.
Value limits,
Another factor would be the transaction value, its a fact that mobile payment is designed for mini scale transactions, and tracking those micro payments will be a headache specially that a lucky customer should perform thousands of transaction to reach the minimum announced loyalty limit.
Due to the above limits both customers and merchant usually lose passion for loyalty programs and it does not help retaining a loyal customer or even help merchants to increase their sales, moreover it does not allow manufactures to run regular offers as usual.
Mobile payment and loyalty collection,
Thinking out of the box to overcome this situation mobile payment can help introducing a new loyalty concept, rather than being rewarded from a certain manufacture after achieving a preset purchase target. Loyalty programs may be combined under a group of merchant alliance offering customers rewards on the accumulated purchases target.
With your limited value purchases customers may collect points on their total bill value regardless the product or the store they are shopping in! Imagine collecting points for paying your monthly bills, buying food, coffee, pencils … etc. And being rewarded with unlimited rewards category from the program sponsors.
Rather than being focused on a certain brand mobile payment with its tracking capabilities will allow merchants and stores to run a new vertical loyalty concept, helping customers to stay engaged and increasing the traffic for merchants.
Photo Credit: http://ih.constantcontact.com/fs170/1103447193880/img/248.jpg?a=1114698228637