Infosys Mobile Wallet solution
Today, mobile phones have the power of enabling financial transactions between two parties. Research firms estimate that by 2014, over 1.4 billion users will have mobile phones with the capability of processing payments. However, enabling mobile commerce for end customers involves getting a complex system in place to support requirements of financial institutions, mobile service providers, customers, and payment gateways. Infosys Mobile Wallet (mWallet) solution lets enterprises unleash the power of mobile telephony to enable end customers to seamlessly conduct transactions using their mobile.
Infosys has created solutions for three industries to start with, namely, banking and financial institutions, mobile operators, and retail stores.
Infosys mWallet is a comprehensive mobile payments solution, which goes beyond the traditional mobile banking solution. The features include:
- Extending banking facilities to your phone
- Enabling payments at point of sale (POS) terminals
- Personal Finance Manager on your phone, to maintain and track budgets for personal finance
- Enhanced security – it is more secure than traditional card payments (both e-payments and POS payments) as it uses one-time generated pass codes for payment authorizations at runtime
- Links multiple credit and debit cards into the phone for payments
- Supports multiple channels for access such as interactive voice response (IVR), SMS, Smart App, and near-field communication (NFC)
- Increase stickiness of clients
- Better user experience
- Safer and faster transaction capability
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Case study: mWallet solution for an Asian telecom giant