THE CONCEPT BEHIND MOBILE PAYMENTS IS TO TURN YOUR CELL PHONE
http://dervishcom.blogspot.com/2011/07/concept-behind-mobile-payments-is-to.html
Mobile payments is an thought which has been gaining traction in the remuneration label attention lately, and- monetary services dilettante ProPay is about to chuck the shawl in to the ring with the new- height — codenamed Zumogo — which brings together amicable media and- secure mobile payments to emanate something it calls Social M-Payments.
The judgment during the back of mobile payments is to spin your dungeon phone in to the digital wallet of sorts. Instead of profitable for products or services with cash, the remuneration label or the check, you use- your phone. Currently, mobile payments some-more or reduction tumble in to 4 buckets: SMS (text)-based transactional payments, approach mobile billing, mobile Web payments (using WAP) and- contact-less nearby margin report exchnage (NFC).
“Each of the methods described upon top of have advantages and- disadvantages to both the
consumer and- to the merchant,” Chris Mark, ProPay comparison manager clamp boss of interpretation confidence and- compliance, wrote in the white paper about the ProPay platform. “One of the vital disadvantages to any of the listed technologies is the insurance of supportive data. ProPay, by the ProtectPay tokenization service, adds an one more process of remuneration which addresses the confidence issue.”
With ProtectPay, consumers upload their elite remuneration report to ProPay’s digital ProtectPay Vault.
“There it’s tokenized,” explained Scott Nelson, clamp boss of selling during ProPay. “It’s secure. The remuneration report does not reside upon the customer’s smartphone in any approach figure or form. The remuneration report doesn’t span or reside upon the merchant’s complement in any approach figure or form. That’s the beauty of this platform.”
Tokenization is the judgment of replacing the square of supportive interpretation — remuneration label report in this box — with what is radically gibberish, the token. When the consumer authorizes the payment, the consumer is continuous without delay to ProPay. The interpretation is encrypted from the indicate of submit by secure interpretation transport, expelling the probability of interpretation thieves regulating sniffers to remove transparent content information.
The encrypted interpretation is sent to ProPay, which afterwards processes and- authorizes the payment. The businessman receives the token from ProPay which represents the transaction. At no time does the tangible remuneration report span the network.
For consumers this equates to their remuneration report stays secure. There’s an even incomparable upside for tiny commercial operation merchants, because- it alleviates the weight of PCI-DSS compliance. Because- all supportive consumer remuneration report stays with ProPay, ProPay assumes which correspondence burden.
Mobile Payments Meets Social Media
But the confidence good is usually the single aspect of ProPay’s platform. Zumogo aims to use- the amicable media member to emanate worth for both merchants and- consumers who use- the secure mobile payments technology.
“Historically, new- remuneration technologies or approaches have been forced upon merchants underneath the stratagem which they will enlarge the series of exchange or yield larger security, thereby shortening the occurrence of fraud,” ProPay’s Chris Mark said. “Unfortunately, most of the new- or pick remuneration technologies have been combined to yield the little magnitude of worth to the consumer, label brand- or bank and- typically yield the singular worth to the merchant.
Mark combined which Social M-Payments, together with ProPay’s Zumogo, have been written to suggest worth to everybody involved. “Specifically, merchants can good from the targeted marketing, interactive discourse and- confidence supposing by the solution,” he added.
The ProPay height leverages the amicable media member to concede merchants and- business to correlate in genuine time. Customers can have reservations, order, scrutinise about availability, check wait for times and- ask questions. Merchants can use- the height to upsell business or yield targeted special deals with the approach channel to their business and- impending customers.
Nelson remarkable which the restaurateur, experiencing the delayed day due to weather, competence pull out the special to people who have opted-in to inspire them to come in to the restaurant.
“This enables real-time, personal interaction,” Nelson said. “You’re substantiating the real, personal attribute with which person.”
He added, “The businessman afterwards has the capability to correlate with me [the customer]. They can correlate with me in conditions of promotions they might be running. They can correlate with me in conditions of events, similar to the book signing. They can pull the graduation to me as an intent customer. It doesn’t make the difference what kind of sourroundings it is, and- it functions with any kind of product or service.
ProPay’s Zumogo height consists of 3 components. The initial is the businessman console, which will be accessible to any of ProPay’s businessman comment holders during no one more cost. It’s the Web-based console, so all the businessman needs is the Web browser. Nelson remarkable which merchants do not need any special equipment, nor do they need to download anything. They can even run the console upon an Internet-connected inscription or smartphone.
“Because- we’re the businessman use provider you can rught away capacitate hundreds of thousand-s of merchants with this technology, and- that’s what you intend to do,” Nelson said.
The second member is the consumer-facing application, which will be done accessible as the giveaway download. ProPay’s ProtectPay Vault use rounds out the platform.
“We’re really vehement about the product,” Nelson said. “We consider it’s the record which will capacitate tiny businesses to strech their business in the new- way.”
ProPay skeleton to unleash the new- height in the third quarter.
Thor Olavsrud is the writer to SmallBusinessComputing.com and- the former comparison editor during InternetNew-s.com. He covers handling systems, stand-ards and- security, between alternative technologies.
“Each of the methods described upon top of have advantages and- disadvantages to both the
consumer and- to the merchant,” Chris Mark, ProPay comparison manager clamp boss of interpretation confidence and- compliance, wrote in the white paper about the ProPay platform. “One of the vital disadvantages to any of the listed technologies is the insurance of supportive data. ProPay, by the ProtectPay tokenization service, adds an one more process of remuneration which addresses the confidence issue.”
With ProtectPay, consumers upload their elite remuneration report to ProPay’s digital ProtectPay Vault.
“There it’s tokenized,” explained Scott Nelson, clamp boss of selling during ProPay. “It’s secure. The remuneration report does not reside upon the customer’s smartphone in any approach figure or form. The remuneration report doesn’t span or reside upon the merchant’s complement in any approach figure or form. That’s the beauty of this platform.”
Tokenization is the judgment of replacing the square of supportive interpretation — remuneration label report in this box — with what is radically gibberish, the token. When the consumer authorizes the payment, the consumer is continuous without delay to ProPay. The interpretation is encrypted from the indicate of submit by secure interpretation transport, expelling the probability of interpretation thieves regulating sniffers to remove transparent content information.
The encrypted interpretation is sent to ProPay, which afterwards processes and- authorizes the payment. The businessman receives the token from ProPay which represents the transaction. At no time does the tangible remuneration report span the network.
For consumers this equates to their remuneration report stays secure. There’s an even incomparable upside for tiny commercial operation merchants, because- it alleviates the weight of PCI-DSS compliance. Because- all supportive consumer remuneration report stays with ProPay, ProPay assumes which correspondence burden.
Mobile Payments Meets Social Media
But the confidence good is usually the single aspect of ProPay’s platform. Zumogo aims to use- the amicable media member to emanate worth for both merchants and- consumers who use- the secure mobile payments technology.
“Historically, new- remuneration technologies or approaches have been forced upon merchants underneath the stratagem which they will enlarge the series of exchange or yield larger security, thereby shortening the occurrence of fraud,” ProPay’s Chris Mark said. “Unfortunately, most of the new- or pick remuneration technologies have been combined to yield the little magnitude of worth to the consumer, label brand- or bank and- typically yield the singular worth to the merchant.
Mark combined which Social M-Payments, together with ProPay’s Zumogo, have been written to suggest worth to everybody involved. “Specifically, merchants can good from the targeted marketing, interactive discourse and- confidence supposing by the solution,” he added.
The ProPay height leverages the amicable media member to concede merchants and- business to correlate in genuine time. Customers can have reservations, order, scrutinise about availability, check wait for times and- ask questions. Merchants can use- the height to upsell business or yield targeted special deals with the approach channel to their business and- impending customers.
Nelson remarkable which the restaurateur, experiencing the delayed day due to weather, competence pull out the special to people who have opted-in to inspire them to come in to the restaurant.
“This enables real-time, personal interaction,” Nelson said. “You’re substantiating the real, personal attribute with which person.”
He added, “The businessman afterwards has the capability to correlate with me [the customer]. They can correlate with me in conditions of promotions they might be running. They can correlate with me in conditions of events, similar to the book signing. They can pull the graduation to me as an intent customer. It doesn’t make the difference what kind of sourroundings it is, and- it functions with any kind of product or service.
ProPay’s Zumogo height consists of 3 components. The initial is the businessman console, which will be accessible to any of ProPay’s businessman comment holders during no one more cost. It’s the Web-based console, so all the businessman needs is the Web browser. Nelson remarkable which merchants do not need any special equipment, nor do they need to download anything. They can even run the console upon an Internet-connected inscription or smartphone.
“Because- we’re the businessman use provider you can rught away capacitate hundreds of thousand-s of merchants with this technology, and- that’s what you intend to do,” Nelson said.
The second member is the consumer-facing application, which will be done accessible as the giveaway download. ProPay’s ProtectPay Vault use rounds out the platform.
“We’re really vehement about the product,” Nelson said. “We consider it’s the record which will capacitate tiny businesses to strech their business in the new- way.”
ProPay skeleton to unleash the new- height in the third quarter.
Thor Olavsrud is the writer to SmallBusinessComputing.com and- the former comparison editor during InternetNew-s.com. He covers handling systems, stand-ards and- security, between alternative technologies.
