Here is an idea (rather ambitious) I am kicking around recently. It's not a novel idea and many entities are pursuing it right now, however I think they are going in the wrong direction.
That is mobile wallet, the ecosystem the big players are proposing have some weakness.
This is what I propose:
1. no special hardware required for merchant to adopt. All you need is access to a browser to begin accepting mobile wallet payment.
2. no NFC needed, with location and QR code, you could do what NFC can do.
3. software could do a lot of smart thing for security, such as tying the user account to a specific device/location/time for authorized transactions.
4. as for payment solution, one could just use Amazon's payment service, so that you don't have to store the user's financial information.
5. value added service, such as analytics for merchant, coupon, deals, loyalty, sharing, etc.
I know the mobile wallet space is very competitive and full of heavy weights, but I don't think they are doing all of the above. i.e., google wallet require merchant to have specialize NFC readers installed.
To implement all of these is not that difficult technically, but I am not sure how challenge it is in terms of meeting certain regulatory requirements. Is mobiel wallet platform subject to FDIC, EFT, and other financial regulation?
I know the mobile wallet space is very competitive and full of heavy weights, but I don't think they are doing all of the above. i.e., google wallet require merchant to have specialize NFC readers installed.
To implement all of these is not that difficult technically, but I am not sure how challenge it is in terms of meeting certain regulatory requirements. Is mobiel wallet platform subject to FDIC, EFT, and other financial regulation?