Praveen's Blog

In this modern world Mobile phones are part of our life. Most of the time these will be in our pockets. A common man uses his mobile almost 18Hrs a day which shows how a mobile device has become an integral part of our lives.

Also, Debit/Credit cards are used in most of the cases when ever you want to purchase things but there are some disadvantages of carrying these cards. These cards might be stolen or can be misused. Keeping in the pocket also some times damages the Card. Occupies some space in your valet and etc.

I was thinking of a way to avoid using Credit/Debit cards but still you can do your money transactions over phone.

Here is how it works.

Have a bank account. A merchant should have a device (similar to the device which we use to swipe our cards) which can debit Money from the customer account. this account will act as savings account or credit account. For using this device the customer should enter say 10digit password. The First 5 digit is the one which he has set with the bank and the next 5 digits should be generated in real time.

Customer need to generate the password real time by sending an SMS or calling via phone to the bank server. Bank upon request will generate the password code and will be sent via SMS to the customer. Customer can do this while he is one the way to shop or in the queue with billing counter.

Main advantage of this technology will eliminate usage of credit cards and possible misuse of these cards. All the frauds that can happen with these cards can be stopped.

I wish We have this technology very soon!