Benefits
Benefits to consumers / buyers include but are not limited to one or more of the
following
They don't have to carry the cards all the
time or none at all
Capable of completing Entire Cycle, i.e. presentation
of new Items its description and final payment over the mobile.
They do not have to worry about the loss of
card or its misuse by someone.
More secure transactions on the internet as
there is no need to put the Card details and other authentication.
No need to be physically at the location of
billing for making the payment or signing the receipt.
More accessibility as the service provider
will be linked with the larger gamut i.e. Linked with MasterCard, Visa or AMEX
while
one card will work only with ;either one
of them.
Easy way to send Money to two persons.
Users multiple accounts can be interlinked.
In the invented method, for Instant transfer,
the transferor and the transferee don't have to be of same bank or city, and such
transactions can be done over the mobile
even while traveling.
Shopping can be done on move, payments will
be done and goods will be delivered even in the absence of buyer.
Benefits to Banks
Certainly will give boost to transactions
Banks will save expenses on:
ATM transactions
Cheque processing
Cash withdrawals
& deposits
Economy will thrive as lot of money will be
in rotation
The target audience of banking industry will
grow three fold.
As Merchants, consumers & banks are on
common platform. So various cross promotions are viable