Mobile payments are taking off -very- rapidly

Mobile payments are taking off -very- rapidly

Paper-based payment systems historically occupy an important place in any country’s payment landscape as initially, apart from cash, cheque payment was the only available alternative. ‘Clearing’ of cheques required a centralised payment and settlement system, which facilitated payments made through cheques by netting through participating member banks, without going through the tedious task of individually settling each and every cheque / instrument. However, I think this may be a bit long, especially for Asia, where 소액결제 현금화 mobile payments are taking off -very- rapidly. I saw quite a bit of mobile payment systems in use in Korea last summer – there are 2 or 3 competing systems for doing retail POS payments. The government even uses embedded RFID in handsets to let you pay for trains, buses, and taxis through a system called T-Money.

By the end of the year, the same company was earning $80,000 per day and, within three years, it had hit $93 million for the year in revenue. The method of any one of the preceding claims, wherein the maximum limit is checked prior to performing access to the vendor’s services provided in the network. Web services technology is a recent technology that describes an autarchic service somewhere in the network that can be used by customers. These services are used through open protocols such as the Simple Object Access Protocol . A key element of this technology is the ability to have a central repository for storing information about different services.

4.4 CTS enables use of the image of cheque for payment processing thereby eliminating the need for physical movement of cheques, with concomitant benefits of reduced turnaround time for clearing of cheques, particularly more so in case of outstation cheques. During the year 2008, RBI conducted a pilot study in New Delhi on the possibility of introducing CTS. Based on the learnings and outcomes of this pilot study, in February 2010, CTS-2010 standards were framed to enhance and standardise the security features on cheque forms. Mandatory features were specified including paper & watermark , void pantograph and bank’s logo with UV ink , field placements of a cheque, colours and clutter-free background, prohibiting alterations / corrections on cheques, pre-printed account number, etc.

Authorisation of such PSOs has been largely for specified periods up to five years. The limited period licences were found to lead to business uncertainty for PSOs and also involved avoidable use of regulatory resources during the process of renewal. 18.7 RBI has been evaluating new as well as existing systems and entities based on certain expectations and parameters. The PM broadens the scope of assessing the performance of the payment system entities. In a way, PoA and PM formalises these yardsticks by documenting them, thus, bringing in transparency and uniformity in examining the systems and entities at periodic intervals.

In April 2008, Vivian Miners, chief executive of the Transport Ticketing Authority, quit his $545,000-a-year job. After a report into the tendering process by Des Pearson, Victoria’s Attorney General Rob Hulls found the tendering for the ticket system had been conducted improperly. Mr Miners owned about $150,000 of shares in Headstrong, which was part of the Kamco consortium at the time it won the tender. Mr Miners’ partner and former wife both worked for Headstrong and ERG, the Perth-based transport ticket company part of Keane. An early alleged draft of the report, leaked to the media in 2008, detailed a series of alleged conflicts of interest, probity issues, backdating of reports and favouring of the eventual winning bidder Kamco, a subsidiary of the American IT firm Keane. Contact customer service to add your preferred email address and password to your account.

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