Future Credit Cards In Mobile Phones

We have credit card or debit card, can we have them in mobile phones with the help of 2D barcode technology? We know for sure that banking group do not have this system. Why there is a need for such system, because now a day’s many things is coming on mobile phone which makes life of a person much easier. Secondly mobile web based system is a new thing and now days has great potential in it as most use mobile phones. Just like as in mobile based banking a user will have to go online and enter a password for his quick reference barcode which will have his unique data.

Mobile banking is really a quick, easy and convenient thing which you can use. Especially now a days when everything is coming handy and people have Ipads and smartphones and tablets. Now a days Mobile payment systems, Mobile payment adoption and Mobile commerce is growing.

Scope: Imagine a mobile web based information system which will act like your credit or debit card. The scope of this proposal is that now a day’s majority of people carry a mobile phone. This can be implemented with the help of 2D barcode technology where every user will have a unique barcode just like the magnetic take has a unique data in plastic cards. This will be very convenient for many people as they will not have to carry their cards with them wherever they  go. It can be implemented as most of the shops or stores have barcode scanner and it’s a very widely used technology for many products. No bank till date has this system implemented this mobile – web based information system.

Introduction:  

Mobile payments are defined as the use of a mobile device to conduct a payment transaction in which money or funds are transferred from payer to receiver via an intermediary, or directly, without an intermediary.When we say that there will be a credit or debit card in you mobile phone the first question people might ask is how secure it is to implement such technology. This information system will be secure up to the standard as user don’t have to punch in the pin number in form of others also a normal credit card has a pin number which prevents it from misuse. Same is the thing with the mobile as each and every mobile has a keypad lock facility will is there in every basic model, so even if some loses their mobile card there will be no misuse to the card. Also when we talk about the web-based technology the user have to go online to assess his Q R barcode which will be his credit or debit card, and to assess the card he will have to key in another password so it will be double safe. Suppose even if he loses his cell phone the misuse of this technology is highly unlikely as there will be three way securities. The reason why this should be implemented on mobile web-based technology because of the rapid advances in mobile technology and devices. It will be considered as one of the most significant technological innovations.

CARD IN MOBILE

What we have:

No banking group right for now have what we are planning to do. Right for now many banking group has the new mobile banking application by which user can login from their mobile and view account details , See a history of transactions Make payments to new and existing recipients.Transfer funds.Check your credit card limit. Log on using the same internet banking logon details.Switch to desktop and back whenever you need to.Manage your existing overdraft.

Similar systems used:

The nearest we can found out about the “Standard chartered bank” uses Microsoft Tag technology in Ad campaign which was implemented in October 2011 by which they can scan the barcode in organization to locate the nearest branch immediately.

Another example which comes close to this web-based information system is “subway” or “Starbucks coffee” uses point systems for their sub cards in order to redeem points from which you can get free subway sandwiches.

Need for the system:

There is a need for this system as nowadays most of the people have mobile phones and it’s very handy to use. Another advantage is that it can be used on most of the phones like iPhone, Android smartphones. There is a need for such system because it has got a relative advantage like increase in performance, effectiveness and time saving and it will be independent of time and location. Mobile cards will have many advantages one of them is that people carry mobile phones with them most of the time and the phone is therefore conveniently available in most situations. There is a new technology which is called near field communications and new generation smartphones are coming with this technology in them. They have started implementing it on trial basis. Mobile cards can be used in ATM machines, in retails marts as well and also small stores. This will be an add on advantage of this technology.

Another advantage is it would be very time saving.

When you will use this mobile web-web based application it will be very time saying as the quick response barcode is very fast and it will save a lot of time what now a days normal card processing takes place.

When we will use mobile cards there will be no need to find the ATM machines and also the user will pay exact change which will be deducted from his card.

Another advantage is that if will be very cost effective to implement as the bar code generator is not an expensive system to implement.

It will give increased freedom to the users.

Mobiles services will be changing the world around in which we live in our day to day lives.

Whether it can be done:

When we talk weather it can be done what we are talking about is how comparable is the system. As barcode reader is really a well adopted technology it will be easy to implement for banks. The barcode reader is easily available in most of the stores, and if the stores or any retail does not have a barcode reader it is not an expensive system to implement.

Also another factor which decides which is important in discussing whether it can be done is how complex is the system to implement.  It would not be a very complex system to implement as the technology is already there to implement, however the idea is very new.

How effective it would be:

It is very effective as the price for generating a barcode is very less as compared to make a card which has a magnetic body and a SIM in it.

Also suppose if you lose your card the bank will take at least 7 days to send you a new card not to forget the pin which they will send you will be after the card. However if you lose your mobile phone , you can easily download the new mobile based web technology in your cell via net in just a matter of few minutes .

How much value it would add:

The value it will add to banking groups will be faster transactions, the transactions will be secured. Also to the user it will be like money in his hand. At first the user have to go to the bank to take money, with the help for ATM machines the banks for near our lane and in each and every corner of the society. With the age of technology we got the bank in our homes via internet banking and now this will be like the bank will be in user’s hand. The disadvantage of this system is that it cannot be used for ATM machines where there is no barcode scanner or reader, however with the help for near field communication in future we can use this system with ATM machines or any other payment systems. There is wireless communication which is very much similar to near field communication technology.

It will not only add value to the retail industry but also to banking and individual users.

Whether it is needed:

Easy to reset your cell phone and give it back rather than you going to the bank and applying for a new card and it takes days to get you a new card.

Can be disabled if you contact your cell phone provider and tell him you have lost your phone and u need to lock the card or the phone, the card will be locked too. I think it is the most user useful implementation of web based information systems are the use to mobile phone have increased to a massive rate. It would be the future of web-based technology as in future many things like your passport, national insurance number, driving license will be on the mobile phone. So it will be like just carrying one deceive for all the purposes that you need in your day-today life.

There will be no use of violet and you can carry your money in your mobile phone with the help of card mobile.

Costs:

This will be a very cost effective system as the cost of generating a quick response barcode will be very very less as compared to making a plastic card which has a magnetic tape in it and a different SIM. Also the barcode scanner or the reader is not very expensive. The greatest advantage is that most of the stores already have barcode scanners in their organization.   

A development schedule:

The development schedule of this web-based application will not take much time as the technology to implement is is already available in the industry.

Conclusion:

Using web-based mobile application for the use of credit card or debit card will be very useful to people as it is time saying, cost saving and specially when everything is getting more mobile driven. I think it will be one of the brilliant ideas which a bank can implement in their web-based system. It has got many advantages like saving time, no need to carry your card or remember pin number, faster transactions, reliable most importantly secured as equal to the current web-based information systems. Nowadays people want everything in their mobile so we think this could be the best use of mobile technology in in web-based application in today’s era. The numbers of people using mobile telecommunications services have increased explosively. It has got many advantages as compared to few disadvantages.