It aims to securely and conveniently move retail banking and financial services to cell-phones. It is a mobile-banking facility for the un-banked.
This is an idea targeted at developing countries; as the Internet and ATM's are unavailable in rural areas and penetration is low even in urban areas there are many problems faced (including access to financial services and remittances). The idea is to design a complete mobile-payment ecosystem comprised of RFID-enabled phones and text message (SMS) transactions to access a virtual account- a simple, fast and safe solution for financial transactions.
Author:- Harshvardhan Chamria and Harold Beyel
Source:- Cornell University
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