Current Consumer Use Model Variations:
Handset to Handset – Shared Banking
- SIM cards – not phones – store the personal credit data
- A SIM card can be transferred from phone to phone enabling different people to access the funds deposited to an account and manager through the SIM card.
Handset to Handset – NFC Enabled
Over-the- Air (OTA) Cloud Banking
- NFC enabled handset integrating LBS can scan for other NFC enabled handsets integrating LBS to transfer funds. A stand-alone NFC transfer terminal is not needed.
Handset to ATM
- Any mobile handset registered with a transaction service account that is partnered with an ATM network, can send money to another handset registered with the same transaction service.
- The money is then available for withdrawal via corresponding ATM card / terminal.
- Refill a student pre-paid credit card
- Send a paycheck overseas
- Refill a friends debit card
For more information, see: