Tuesday, September 6, 2011

Wallet in your phone

Be prepared Malaysia, your wallet will soon be a thing of the past. A current research & development by a Government Linked Company here based in Kuala Lumpur boasts the disappearance of your wallet in the near future. Why? Because of the new payment system which boosts the number of micropayments within the commercial and consumer entities. With transactions less than RM100, all you need to do is to WAVE your phone onto the device, be it an Android or iPhone , it is SIM-DEPENDENT.

WHY MY MOBILE? Because, you never leave home without your mobile phone, as it’s the blood line of the 21st century. Of course, it will be tagged to your Savings or Current / Bank accounts and also your favorite Visa, Mastercard or Charge Card. Security wise, it will be far more secure than you think, since there will be more than 3 Factor Security Authentication tagged in place.


For micro payments, it takes just as how your Touch-N-Go card or VisaWave/Paypass works. You just wave it. It is tagged directly to your e-wallet and if you lose your phone, it won’t work because you have black listed it, so the SIM Registration is the first security factor. It can be tagged to your PREPAID SIM CARD just as how you load your Phone Credit. Usually for less than RM50. It does not hurt much if you loose RM50 right?? Your data on the SIM CARD is also stored offsite. This may be used to PRE AUTHORISE YOUR FUEL PURCHASE. Great for Mamak shop, Petrol Station or  Groceries Shop. Also great to pay for your parking and toll.


For Payments between RM50-RM250 such as Supermarkets, Departmental Stores, Utility and Government Dues like PTPTN or MARA or LHDN, the user can either call in to a short code / Toll Free Number or SMS the transaction code for the final amount.

1)Merchant Enters Amount

2)User Enters Phone Number


4)Enters Payment PIN CODE

5)Enter TYPE OF ACCOUNT for others (Maybank2U SAV/CHECK etc etc)


Terminal will then run the PREAUTH TAC CODE to be sent to the customer phone

Customer will then enter the 2nd Level code in and it will complete.


For payments between RM250-RM2000, Voice recognition will occur. System will call the customer if it is against the standard fraud detection. In this instance, at the point of registration, BIOMETRIC recognition will begin, full fingerprinting and Voice recording be done. Recording A-Z ,0-9, Customer FULL NAME, Identity Card Number, Mother Maiden Name, etc… A security Word like a Alphanumeric password that only the customer will know. The system will ask for the certain Alphabet/Number of the word, just as banks do.  For example Code word is WHOAM1 and the request code is 1,2,4, the reply will be W,H,A


Why this happen? Because sometimes we borrow our fathers, brothers, sisters, wife/husband card/phone/topup card etc… so no one can forge your voice genetic or even your finger print.


Just in case you lose your phone in the middle of the night or been robbed or left everything… you can pay your cabby for your ride home and your fingerprint will be the authenticator for the payment. There will be a little buffer like say RM50-100 just in case we ran out of cash, or if the pre-auth have not been lifted. We all know that we are at times, been in a tight fix, waiting for the pay at the end of the day … so this is the human side of things. Something like SOS-TOPUP


The system will also have a DEMAND PAYMENT for a PEER-to-Peer payment, just as how you pay your friend. Be it he in Malaysia or overseas, USSD request can be made just as how it is done on Paypal. You will probably know how SHARE-A-TOPUP or ASK-A-TOPUP  on your prepaid mobile. So when the other party receive the request, he can accept or deny by doing a short code auth. (*100#/*118#/*128#), Select the menus, Enter AUTH CODE WORD.


This is going to be great to the merchant because the P2P rate is so low (about 5-20c) per transaction, less than 0.5% (About RM1) per Debit transaction just as MEPS or 1.5% for Charge. It reduces the cash on the till at the merchant, and if the merchant allows it, CASH BACK service, like NETS-CASH in Singapore. It charges maybe RM1-RM2 to the customer which the merchant can cash out up to RM500 or so, depending on their comfort level. Supermarkets may like this. There will no longer a clutter of so many machines on the till. Just one. ONE TO PAY, and One to sell PREPAID, ALL SERVICES, ONE to PAY BILLS. ALL BILLS. Merchants get 10-30c for bill payment, so it’s a good service. No excuse NOT to pay your PTPTN MONEY. No need to go to Post Office to cash your Retirement / Pension Warrant. You can also topup your Touch-N-Go/EzLink/NETS-Flashpay/CEPAS and accept SINGAPORE CUSTOMERS.


What may happen later on, is you can pay for your toll using your phone….. and even buy tickets.


So who is handling this?? Like I said.. government linked agencies.. since they want money back from borrowers. No more excuse too far to go to the bank, post office , BSN etc. It’s just round the corner. Like PAYPOINT in UK. I say it’s call ONE2Pay.


This is really Service!!!

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