M-payment between banks using sms pdf

Demand drafts are used when one person wants to send or transfer money remit to another person who is in another city. The person wanting to send money deposits cash in a bank or issue a cheque in favor of the issuing bank, which issues him a demand draft. The demand draft is sent to the person who is to receive the money. Banks normally charge a commission for issuing demand drafts. These are usually valid for a shorter period of time compared to other instruments.

Card-based payments are made by using a credit card or a debit card or an ATM Card. Can also be used for mail order or online purchases and carries lesser risk than holding cash. The risk of theft is mitigated by having pin codes. Some major disadvantages are that for the merchant it might take up to three days for the money to be received and acknowledged and cards are operated at a fee payable to the bank generally both by the cardholder and the merchant.

Credit Card enables its holder to buy goods and services with a credit line given by credit card issuer. The institution which issues the card has a tie-up with the concerned merchant establishment and the card-issuing organization, if different, to facilitate this arrangement. The amounts charged to the customer are paid by the card issuer to the merchant and subsequently billed to the customer.

Funds are settled at a later date. Cardholders are billed on a monthly basis and bear financial charges interest on outstanding amounts if payments are not made by the due date.

A credit cardholder may not be an account holder in the bank which issues the credit card. Debit cards can be of two types, one which is linked to an account and is issued by banks to account holders only. Second could be pre-loaded cards where a certain amount is stored in the card. Generally, debit cards are also ATM cards. The mode of using debit cards and credit cards is generally the same.

With the advent of computers and electronic communications, a large number of alternative electronic payment systems have emerged. These include electronic funds transfers, direct credits, direct debits, internet banking, and e-commerce payment systems. Payment systems are used in lieu of tendering cash in domestic and international transactions and consist of a major service provided by banks and other financial institutions.

Standardization has allowed some of these systems and networks to grow to a global scale, but there are still many country and product-specific systems. These are electronic payments offered by banking channels for receiving or making payments. Electronic Clearing Service is a mode of payment by an institution and receipt by individuals for interest, dividend, salary, pension, etc.

Similarly, bank customers can make small value repetitive payments such as electricity bills, telephone bills, loan installments, insurance premiums, club fees, etc. The payer instructs their bank to make direct debit payments and the payee provides amounts and dates of the payments.

The process operates on the basis of a large number of small debts and one consolidated credit from users to the service provider. This facility can be used for paying different amounts and is useful for paying regular bills. The advantages of this system are guaranteed payments and no need to remember payment dates. This electronic mode of remittance of funds is enabled by the participating banks under the supervision of the central bank of the country.

This facility saves the effort of sending a demand draft through the post and the inherent delay in reaching the money to the receiver. Banks may charge a commission for using this service. The real-time gross settlement system facilitates the instant transfer of money from one account to another across cities.

This is basically a large value remittance system where funds are required to be transferred quickly. While all the above payment and remittance systems are settled between banks on a net basis, this system is settled on a gross basis which means that each transaction is settled independently.

This facility is useful to banks for their fund's management, for companies to transfer large amounts for individuals who require urgent payments. Online banking or Internet banking or E-banking allows customers of a financial institution to conduct financial transactions on a secure website operated by the institution. This is a very fast and convenient way of performing banking transactions such as transferring funds from your savings to the current account or to a third party account.

The major advantages are that the payments are made at the convenience of the account holder and are secured by the user name and password. This facility can be used at any time and from anywhere in the world with internet access. The only disadvantage is that for making this payment access to computers and internet services is required and the internet comes at an additional cost.

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I accept. Polski English Login or register account. Soni, P. Abstract The m-payment mobile payment transaction model between consumer and merchant in m-commerce mobile commerce is easy for payment anywhere and anytime because it is SMS-based.

Advanced mobile phones are not needed and no extra charges are imposed by third-party payment gateways. This model is very useful for small consumer and small merchant via bank transaction.

Security can be increased by including biometrics. This is simply a model. Hardware-side security features are very powerful for making secure m-payment transactions.

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