Introducing Speedy Pay: A new Mobile Payment Scheme

We propose a novel scheme that can satisfy all
types of payments through mobile phones, fulfill the needs of all
stakeholders and still keep a robust relationship between
efficiency and security. The proposed scheme is built to achieve
high level of security and reliable infrastructure. This will
eliminate new expenses, minimize the overheads on all
stakeholders and can result in time savings of around 90% in
implementation and market. Our proposed system is a new
communication network that directly connects banks to their
customers through mobile phones. All bank services become
readily available anytime and anywhere. Our system enables
individuals, point of sale, service provider or any other entity to
access their own bank accounts. It relieves users from the need
to carry cash or credit cards; they can therefore pay bills,
transfer money, receive payments, or make reservations by
using their mobile phone in real time.