Expert presents new mobile payment system
Amman, April 15, 2014
An expert presented a new system at a New York summit aimed at achieving the universal acceptance of mobile payment to increase its utilisation.
Mobile payment expert Sammy Tuffaha affirmed the imperative need for the standards unification of mobile payment acceptance.
“With hundreds of mobile payment programmes springing-out all over the world, the scope of each services will remain limited as transactions can only take place within the programme’s closed network. Accordingly, clients are not able to utilise their mobile payment service outside the network or in other geographies,” he said.
The new system is based on the current financial industry infrastructure, while maintaining various commercial programmes and technologies.
Tuffaha also reviewed and discussed the legal and technical ramifications for such implementation.
“Mobile is the future of all personal financial services including payment, banking, and commerce. Soon, everyone will manage all finances via their mobile handset without the need to carry a wallet or a check-book,” said Tuffaha.
“We already see this convenient and time saving evolution taking place in many countries via various service providers and technologies. But what the industry needs today is interoperability and universal acceptance. The consumer simply needs a simple service that works everywhere,” he said.
The two main challenges faced by the industry are to replace cash in developing markets and to educate the consumer and change the existing payment culture, he pointed out.
These challenges can only be accomplished by providing practical mobile money services that are simple to manage and universally accepted, he said.
He called for increased collaborations among the mobile finance service providers and concerned sectors to create a national and international mobile money ecosystem and provide consumers with a quality practical service that works. - TradeArabia News Service