Closed Loop Wireless Banking Payment Transaction
Original Publication Date: 2002-Aug-15
Included in the Prior Art Database: 2003-Jun-20
Closed Loop Wireless Banking Payment Solution This is a solution which allows users to shop and pay for their mobile purchases using their mobile phone. The payment is executed through the bank that they trust. This solution is suitable for a WAP (Wireless Application Protocol) banking and mobile commerce (m-commerce) portal which a financial institution can offer to its registered users. With the increasing use of mobile data services, more users are looking to do more than just phone calls and SMS (Short Messaging Service) with their phones. While there are plenty of opportunities in m-commerce, one of the crucial issues is payment. With existing solutions, it is difficult for a merchant to bill or collect payment from the mobile shopper. Mobile shoppers would also find it a hassle to write cheques to different merchants that they shop with, particularly if the payment amount is small (which is usually the case currently). Due to these reasons, M-commerce portals by banks or other financial institutions can potentially act as the payment intermediary between shoppers and merchants.