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fast payment system

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fast payment systemii) USSD solutions - equally successful are solutions that utilize unstructured supplementary service data (USSD) and simple menus to deliver mobile payment solutions. Bank mobile payment providers in South Africa have seen the success that is greatest with USSD

services. But because the initial leg regarding the transaction is not encrypted or protected, many of these services have now been confined to "shut loop transactions" - where money is passed away between reports or users at a bank that is single not between banking institutions. This is often a constraint that is huge attaining extensive utilization of mobile payments as interactions are going to be confined to either the financial institution's very own customers and away from system payments should be to cash. As all phones can use USSD, the solution can reach large target segments, and also as the USSD solution does not need integration because of the SIM card, these services are launched with just minimal participation of a MNO. Even though MNO needs to agree to result in the solution available and this is a huge problem in certain markets. In USSD solutions anybody can "play" and banking institutions have tended to be the winners.

iii) GPRS/Java solutions - involving packages. As noted above downloading methods to an "enhanced" phone is dramatically easier, plus an number that is increasing of have high quality phones, or soon need them. It is likely that most those who are banked now have phones that can manage such downloads. Ecommerce model could very well be probably the most contestable because the downloadable application may be from a bank, mobile community operator or any other 3rd party. The downside continues to be that the clear answer is not any more secure than accessing the internet, and also to compensate the provider for the risk that is associated charges have a tendency to greater.
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User- friendly

All services aim to reach out to a greater number of audiences and so, their interface should be simple for users to comprehend. More over, users can always ask assistance from the support group simply because they work 24/7. You are able to receive an answer by method of the forums also.

Simple to use

For as long as you have got use of the Internet, you can carry out transfers anytime, anywhere.

After discussing advantages that include using an payment that is electronic, it is essential to share its drawbacks too:

Limitations

In almost every payment system, there is a limit pertaining to the number of transactions you can certainly do per and the maximum amount you can withdraw day.

Risk of Getting Hacked

Dangers could be reduced when you stick to the security regulations. That is similar to the possibility of being robbed. The situation will get even worse as soon as the processing organization's system breaks down, because this can result in the leaking of private information on the online cards, along with its owners. While some electronic payment systems do not introduce plastic cards, they could but be involved in identification theft scandals.
asked Feb 24 by CarloFairfax (120 points)

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