Chip and PIN
Banks across the region are being mandated to accept payments using “Chip”-equipped Credit Cards. This provides Financial Institutions an opportunity to offer to their account holders a much higher level of security, as well as added-value services (Loyalty, Ticketing, Micro-payments …) that take advantage of the “Smart” aspect of the card.
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Near Field Communication (NFC) is being deployed in developed countries for transactions that require safety and efficiency. The coming years will see an increase in devices like mobile phones and banking cards equipped with NFC chips that can be read by appropriate readers in stores, mass transit, events and facilitate the processing of small transactions quickly and efficiently. This financial transaction is done without the need to hand over the device or card to a cashier.
Mobile Person to Person Payments
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Mobile P2P Payments allow users to send funds to other users via their mobile handset. The value is transferred from a source of funds such as a bank account, Credit Card or cash deposited via an agent. This technology is widely adopted in many mostly under-developed countries and can address specific needs of this region. Technology used is either USSD (short code, widely available), SMS (less secure) or mobile application (restricted).
Mobile OTC – Over The Counter
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Retail payments made using a mobile handset tied a mobile wallet or other source of funds. While less common than the P2P transactions, OTC is used in specific industries require a traveling salesforce or with under-banked merchants. The transaction is initiated either by the customer or the merchant and includes basic data such as amount, unique merchant ID, unique customer ID and source of funds, or more targeted info such as client demographics and item type. Typically a Mobile Application (Android, iPhone, Blackberry) is used for these types of transactions.
Mobile banking is typically used as an extension of online services provided by Financial Institutions to it’s account holders. Through a USSD session or Mobile application, it typically allows customer to query their accounts, transfer between accounts, query past transactions and do basic bill payment. SMS is usually not a good option for this service, due to the lack of security.