mobile/digital wallet
DESCRIPTION
TRANSCRIPT
Mobile/Digital Wallet(eMoney)
Submitted By:
Muhammad Ashik IqbalM.Sc. in CSEID: [email protected]
http://ashikiqbal.blogspot.com
SenderMobile
ePayment ePayment SystemSystem
ReceiverMobile
Bank PayPoint
1. Sender Mobile sends request to Transfer Money
2. System checks available balance in Sender’s A/C from that particular Bank
3. It transfers money from senders A/C to receivers A/C
4. After a successful money transfer it sends a confirmation notification (SMS/Email) to receiver
5. Money can be send and/or receive from PayPoints
PayPoints act like ATM booths or branch of a bank eMoney can be send to any subscriber’s A/C from PayPoints Unbanked people can take the facility of PayPoint to send
money from rural area eMoney can be cashed from PayPoints
Digital/Mobile Wallet System can help to reduce the Hard Cash flow in the country
Electronic payments can be done using this system Simple, hassle free, no hard cash security, faster,
cost effective.
Already 23 Banks of Bangladesh are connected with VISA network
Currently VISA network is used for ATM and POS transactions
VISA connects nation-wide and globally and gives the facilities of ONLINE TRANSACTION
There is no legal and government issues to implement.
Because the intra-bank transactions will be done within VISA network which is already permitted (ATM and POS)
Although Bangladesh Bank has signed and permitted the new transaction system of this Mobile/Digital Wallet
Digital/Mobile Wallet system is going to implement using existing VISA and Mobile Network to connect all these 23 banks of Bangladesh within this year 2009 as pilot test project
After successful test, it will start from 2010