Problem Statement
The current landscape of payment solutions is fragmented, with various platforms offering different payment methods and technologies. This lack of interoperability creates challenges for users and businesses, leading to difficulties in conducting transactions seamlessly across diverse platforms. Users often face limitations when trying to use one payment method on a platform that primarily supports another, hindering the overall user experience.
Abstract
Develop a system that fosters interoperability among diverse payment solutions, enabling seamless transactions across different platforms. Through the use of standardized protocols and technologies, the project aims to create a unified framework that allows users to make transactions using their preferred payment methods, regardless of the platform. The focus is on enhancing convenience, reducing friction, and promoting a more inclusive and user-friendly payment ecosystem.
Outcome
The project’s outcome is an interoperable payment solution that facilitates seamless transactions across various platforms. Users will experience greater flexibility in choosing and using their preferred payment methods, and businesses can benefit from increased customer satisfaction and a broader user base. The standardized interoperability framework will streamline the payment process, reduce transaction complexities, and contribute to a more interconnected and efficient payment ecosystem.
Reference
In only a few ten years payment systems have undergone an incredible evolution passing from a physical transfer of cash to transactions exchanging money as digital data. Mobile Payment (m-payment) refers to one type of electronic payment, performed through mobile devices, such as mobile phones, smartphones, and tablets. To ensure trust and avoid frauds severe security requirements must be imposed. In addition, interoperability and privacy requirements, as well as speed of execution and ease-of-use are mandatory requirements, too. Several technical solutions have been proposed, associated to generally incompatible business models. From the end-users point of view, the result of a m-payment transaction is just one transfer of money from customer to merchant. However, to get this simple result, m-payments use a plethora of sophisticated technologies, including SMS, NFC, high-frequency sound waves, software apps.
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