Mobile Payment Technologies By Robert Warner

New technology has spurred innovative ways to spend money. As mobile payment systems continually develop, consumer financial and personal information risk exposure. Industry officials state the technology is growing, but security specialists argue growth of will inevitably attract fraud. Smartphone owners must treat their phones as a miniature computer and equip proper anti-virus and malware software. Enacting preventative methods will help thwart security breaches over mobile networks. (Ladendorf, 2013)

An example of this would be the Apple Pay technology. Apple Pay is a mobile payments service and digital wallet application that utilizes Near Field Communication (NFC) to initiate secure payment transactions between contactless payment terminals and devices like the iPhone 6, iPhone 6 Plus and Apple Watch (Webopedia). Apple Pay allows owners of Apple devices the opportunity to add multiple credit or debit cards onto that device and instantly pay at a location by simply placing their device over the scanner. This technology could be implemented into Howard University’s Bison One Card by adding Dining Dollars or Bison Bucks into the application software, thus eliminating the need to always swipe your card at various locations around campus. This would also eliminate the struggle some students encounter of not being able to eat or swipe into the café because they have lost or misplaced their card. The biggest problem Howard University faces with implementing this new technology is the substantial cost. Blue Pay breaks down the Apple Pay implementation costs with prices of the NFC terminals in range from $300 to $500, excluding the cost of additional software upgrades if needed. Depending on which locations, if not all, across campus will support this technology, this cost will surely add up. Merchants must also weigh in the cost of employee training. Employees must understand how to properly use NFC contactless readers to process payments. The training should also include refunds, chargebacks, and cancellations. This cost can vary, depending on the size of the staff. Blue Pay ultimately estimates the total cost ranging anywhere from $1000 to $2000 per unit after factoring in hardware, software and wages (Blue

NFC (Near Field Communication) and mobile payments are two areas that has become very popular and doubled their quantity index research measured by Google Trends [1]. NFC is a communication technology which is Wireless already available in some mobile phones, and more are announced for short, and mobile payments is a service whose use is expected to grow at a very fast speed in the coming years. It is supposed to be the NFC technology will bring mobile payments to the stack due to security attacks. NFC can be useful in a protocol to perform mobile payments in days today. For this, a new protocol called mTrocos is presented [2]. It has many

you won’t miss out on any points or bonuses. Purchases are made using NFC technology

The exact definition of Near Field Communication (NFC) is a set of communication protocols that enable two electronic devices, one of which is usually a portable device such as a smartphone, to establish communication by bringing them within 2in of each other. For example, if I have an iPhone specifically it will connect to the Internet and can exchange data with online services. Different providers such as AT&T Mobility, Verizon Wireless, T-Mobile USA and even Apple have joined in this new interesting way to handle their e-pays.

Solution: Extremely secure channel should be setup between the devices which must have secure shell for the private network. Some NFC enabled devices have capability to listen to the RF signals on the NFC network. When an attacker attacks through a RF device, the differences in RF signals are detected by the NFC transmitter and it stops data transmission (Haselsteine and Breitfuß).

Therefore, it is essential to address issues like security of the banking transactions that are executed from a distant place and transmitted over the air. Besides this, it is also important to ensure the security of financial transactions, if the device is stolen by hackers. If these concerns are properly addressed, then it would help increase the popularity of mobile banking by instilling a sense of trust among the customers.

NFC technology is required to use digital wallet credit card payments for purchases at the check-out counter or for online purchase. There is a passive tag in your credit card that is activated when it comes within 10cm of an NFC initiator device. The NFC initiator is the POS (point of sale) or check-out counter card reader in the store. Most smart phones use NFC so your phone can act as your credit card as soon as you set it up and store the information from your card. Once your phone is set up, all you need to do is hold your phone within 10cm of the same card reader at the store and it will pay for the purchase just like your card.

I am a completely forgetful person. I am not proud to admit that, but the other day I was going to grab lunch and while in the drive-thru at Wendy’s, I had the ungodly fear of realizing after I ordered that I had left my wallet back at the office.

It is the easiest, safest, and private way to make purchases. It has embedded NFC chip that allows the device to work with Apple Pay mobile payment service.

The name of “Square” can refer to Square’s card reader that are white square in shape or it can refers to the whole Square payment system. For hardware products, it has three different devices based on different ways for customers to handle their credit cards, they can either swipe or plug the card in Square. So for its original product, magstripe reader, buyers are able to use their cards to swipe through square which is a small magnetic reader that plugs into the headphone jack of an iPhone. Once a credit card or a debit card is swiped through the reader, it reads the data and converts it into an audio signal. The microphone picks up the audio, sends it through the processors and then is routed to Square’s software application on the iPhone. From there the encrypted data is transmitted using

In contrast to the use and operation of Bluetooth, NFC does not require two devices to be paired prior to the exchange of information. So, NFC-enabled tags are used in conjunction with NFC-equipped devices. The tags are inexpensive and forward out encoded data wirelessly. After an NFC tag has been encoded with the desired data or action, the tag is ready to be used. Users simply touch the back of their NFC-equipped device against the tag and the device will proceed to launch the specified action (such as a URL, application, or service). NFC tags are usually found in the form of a sticker and roughly the size of the average postage stamp. When

Rahul, A., Krishnan, G., Krishnan, U., and Rao, S. in [19] wrote about the NFC technology by explaining many different aspects of this technology. In addition, the authors discussed the security issues of this technology, and the researchers believe that even with the different types of the attacks that might occur to the NFC technology, the NFC technology could provide a secure communication if it used a secure and safe channel for that communication [23].

Near-field communication (NFC) is a set of protocols that allow communication between two electronic devices. Most commonly this technology is used for communication between portable devices like smartphones. Even though it is a contact less system of communication, it requires that the devices are within 4 cm or 1.57 inch distance from each other (Carter & Faulkner, 2015). Basically, this technology relies on creating a low speed connection between the devices which has a very simple setting up procedure. It has found application in a vast variety of applications, ranging from contact less payment from credit and debit cards as well as the smartphone based payment techniques, to the social networking applications as well, where media and contact information can be shared wirelessly between devices. NFC technology has also found application for identity related documents and keycards.

NFC can operate in two different modes; it is an active and passive. An active device generates its own radio frequency (RF) field, where as a device in passive mode has to use inductive coupling to transmit data. Mobile phone such as battery powered devices act as in passive mode. In contrast to the active