Travis Dulaney discusses real-time payments ( instant payments ). Account to account, instantaneous funds movement and funds availability. Eliminating risk, inefficiencies of legacy systems and manual processes. Better Bank solutions.
Travis Dulaney speaking at Money 20/20 on mobile payments and mobile phones.
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There are more than 800 million unbanked people in Africa, with no bank accounts and credit cards; so they cannot buy online and these digital companies cannot reach them to date. These people use local Cash and Mobile Money solutions that works locally everyday but they cannot use them to transact online. That’s why we’ve built WeCashUp, a Universal Mobile Money platform that enables digital companies to accept all the existing local Mobile Money solutions on their website or mobile apps.
Jeremy King, the international director of the PCI Security Standards Council, outlined five major trends in payments in 2017 in a hurry. Four of the five trends unveiled by King Block relevant technology chain, Internet Object (IOI), block payments chain, tokenization and encryption included as the main trends for next year.
Tokenization, encryption, block channel payments, IdO
According to King, five major trends in the payments industry will be in 2017. The five trends are IdO, Chain Block, tokenization, encryption and mobile payments, which seem to block chain technology, dominate both directly and indirectly .
Encryption, block chain payments and IdO are three of the most obvious payment applications that most likely will depend heavily on the underlying technology of Bitcoin. At present, there is a small range of technologies that strongly encrypt financial data. Additionally, most IdO networks begin to be driven by block chain platforms as a result of their transparency, unprecedented security and real-time data settlement.
King especially pointed out that major financial networks that private information and key financial data to prevent users from “honeypots” for criminals because they can use identity and credit information for a variety of criminal purposes .
In order to prevent a case of data theft, King notes that point-to-point (P2PE) encryption must take place with credit card services and banking as cyber-criminals continue to target the ecosystem, Merchants invest in Point-to-Point (P2PE) to maintain the integrity of the payment system and put the map data.
However, a more realistic and practical method for data protection is to eliminate the need to hold, to begin with. Credit card networks and banks are legally KYC settlements and money transfer to store policies and provide user data to law enforcement.
Block-based systems or digital currencies like Bitcoin are not, however, so that they completely eliminate the possibility of personal or financial information.
In addition, as the King points out, tokenization is a technically complex but necessary method of networking credit cards for each cardholder with a serial number. This way, because each credit card has its own token or a serial number, thieves will not be able to make payments on behalf of the user.
Again, the Bloc chain technology eliminates the need for tokenization as each pocket has its own set of public and private keys. Unless the portfolio or Bitcoin information is accessed by a third party portfolio service provider, hackers will not be able to access the purse, even if they successfully break into a portfolio platform.
Finally, the king notes that 2017 will be the year of mobile payments. A growing number of Millennials rely on their cell phones to settle payments and send peer-to-peer transactions in email applications.
Since the growth of mobile commerce, the king believes that consumers prefer to use cloud-based applications to make payments directly from their mobile phones.
The new consumer connection traders who operate cloud computing applications will allow payments when in the store and use them more and more to the things they want to buy rather pay before the same step inside.
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Far Eastern Group has released a new electronic payment app in the latest upgrade to its mobile wallet services, part of the company’s bid to create the country’s largest single electronic payment ecosystem spanning shopping, public transportation and municipal tolls and fees. Targeting Taiwan’s potential business opportunities in mobile payment systems, other electronic payment interfaces, including Apple Pay and Samsung Pay, are expected to debut on the island in the near future. Far Eastern is nevertheless remaining optimistic about its own chances in the market, and is expecting downloads of its new app to take off after release.
Canara Bank offers Unified Payment Interface (UPI) app named “eMpower”. This app empowers Canara Bank and other Bank customers to perform pay and collect transactions using a sin gle mobile app.
Users can operate their multiple Bank accounts using this single app.
Virtual Address can be set for each of your Bank accounts and can be used while collecting money from anyone.
No need to expose your account number, IFSC, Mobile Number to anyone.
This app can also be used to pay and settle bills.
• Real time 24×7 Fund Transfer
• No need to remember or share account details.
• Collect Money from others.
• Send Money using Virtual id, Account No + IFSC, Aadhar, Mobile Number + MMID.
• Add Multiple Bank Accounts in same application.
• It uses your Bank’s Mobile Banking MPIN.
• Multilingual language support.- English & Hindi.
• Coming Soon! – Other regional languages support, Merchant transactions like recharge.
Steps to register:
• Create your profile.
• Create Virtual Address for linked account. eg :abc@cnrb ;123@cnrb
• Add/Link your Bank account.
• Register for Mobile Banking on-the-fly
• Set MPIN for selected account.
Support 24 X 7 :
Email id :firstname.lastname@example.org
Toll Free Number :1800-425-0018
Watch Andy Ramsden, Product Marketing Director for Trustonic, explain how TEE technology can help bring trust and security to mobile payments.
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DasPay Premium Global Technology Solutions for Mobile Payments and Digital Enablements Powered by DasCoin. www.daspay.org
Audience questions begin with what is the infrastructure development needed to support massive adoption of mobile payment and end with the role of partnering.