Why do we think the M2M systems such as this is very essential component for any small business and large vendors ? The acceptance of mobile payments for merchandise is getting to be the new normal. The data shows that the trend is very much option to pay things with mobile money or mcommerce. The convenience is unprecedented and the security is UN-breachable . The device required to go from conventional payment methods to mobile payment is just a small card reader attached to any smart phone and an app to go with it. Several companies like paypal, square and payment gateway like first data already sell components and apps to facilitate this mode of payments.
Forrester predicts a multiple increase in the amount of transaction that will transpire in the time period of 2013 – 2017. Exxon Mobile, MC Donald, Subway and other popular outlets have already implemented this kind of transaction. The transaction eliminates the time taken to swipe credit cards, and authenticate transaction with a signature. In turn the time taken for a transaction is reduced to less then half the time it takes on a conventional method.
The transaction uses RFID technology to read the credit card number and authentication pin. The transactions are guarded by the all the factors that protects a conventional credit card transaction. The banks guarantee against fraud transaction like they do with conventional bank transaction.