Next generation smart transaction touch points

In a rapidly evolving world financial transactions opportunities have become inseparably linked with advanced Information Technology. This paper presents the integration of a NFC (Near Field Communication) enabled mobile wallet with a NFC enabled payment card as a next generation smart transaction. The objective of the research is to provide customers of a financial institute/bank with a mobile application to perform banking transactions while enabling merchant payments through a NFC enabled SMART card. This solution introduces a new local initiative for enabling NFC based mobile payments which will promote the acceptance and adoption of NFC technology in Sri Lanka. This in turn will provide flexibility, mobility and control to consumers who use cashless payment mechanisms. Our solution will also address the problem of merchants and banks needing to generate and process paperwork, as receipts and promotions are delivered to the customer digitally. The uniqueness of this research is the integration of NFC enabled card and the mobile wallet, which has not been offered by any existing mobile wallet vendors in the market and eliminating transaction fees currently paid to international merchants. This solution will enable local economic growth and at the same time promote greener initiatives while encouraging the general public to utilize and obtain the advantages of the latest technology advancements. This paper elaborates the research carried out with respect to NFC and mobile wallets, and present the design and the features of our Next Generation Touch Points Solution.