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A digital business card is an electronic version of the traditional paper business card. It is essentially a digital profile that contains contact information and other relevant details. [ 1 ] These cards can be shared electronically, often through QR codes , links, or NFC tags.
The QR code system was invented in 1994 by Masahiro Hara from the Japanese company Denso Wave. [4] In December 2010, the first documented description of QR code-based payments came from two patents filed by Shaun Cooley and Andrew Charles Payne, based on a prototype system developed for Norton Labs at Symantec called Norton Mobile Pay.
There are four primary models for mobile payments: [8] Bank-centric model; Operator-centric model; Collaborative model; Independent service provider (ISP) model; In models connected to a bank or operator, a bank/operator is the central node of the model, manages the transactions and distributes the property rights. In collaborative model, the ...
Identification with a digital card is usually done in several ways: Displaying a QR code on the customer's smartphone to the identifying host (a cashier i.e.). The unique QR code ensures privacy for every customer. Engaging an NFC protocol connection by placing the smartphone near the NFC Reader (using host card emulation method).
Banking customers who have been issued a CAP reader by their bank can insert their Chip and PIN card into the CAP reader in order to participate in one of several supported authentication protocols. CAP is a form of two-factor authentication as both a smartcard and a valid PIN must be present for a transaction to succeed.
A digital bank represents a virtual process that includes online banking, mobile banking, and beyond. As an end-to-end platform, digital banking must encompass the front end that consumers see, the back end that bankers see through their servers and admin control panels, and the middleware that connects these nodes.
Wero, with its payment network, digital wallet and international instant payments scheme, aims to replace European domestic solutions such as Swish, iDEAL, Bizum and Blik. QR code payments will be available for both money transfers and payments, with plans for more payment options in the future.
M-banking [17] is defined as “a feed where the consumer communicates with a bank using a mobile device, such as a mobile phone or personal digital assistant. In that sense, it can be seen as a subset of electronic banking and an extension of internet banking with its own unique characteristics (Laukkanen & Pasanen, 2008).