Title
Tapping Application Payment System (TAPS)
Introduction
This proposed title TAPS is a system that takes the card payment machine which is the third party out from the current transaction payment system. The current system involves the bank which will take charges on services. To perform any debit or credit transaction, a machine will be needed. TAPS main purpose is to remove this machine and implement it in small business to allow users to cashless without any additional cost given that they already owned the card.
TAPS proposed to have a network connected device with a screen for interaction between users and the card. When two parties wanted a trade, they will simple need to key in amount of sending and literally tap the device onto the target party device. The device will run the transaction and save it in the network. Its uniqueness is that it doesn't require any third party organization such as banks. With this solution, it able to replace cash transaction by using TAPS to perform transaction between two parties.
TAPS will have a technological back-end that supports the transaction that users cannot see and feel during the transaction while at the front-end, users will be interacting with the device through a screen to perform the transaction by inserting amount of transaction and PIN access to unlock the device before any usage.
TAPS can help small business to increase its efficiency. For instance, the transaction can happen in a single second without worrying there are no small change for customers when customer is paying RM50 for a single RM4.5 foods. There will no need worries of theft of cash or worst case robbery happen for the users.
Problem Statement
In the past decade, Bank Negara Malaysia has been pushing initiatives to adopt cashless economy through provision of credit and debit cards. But, Malaysia's cash usage still remains high at 6% per GDP. This is mainly due to high cost and inconvenience of providing card service payment for small business such as highly mobile roadside stalls. High cash transaction rate will lead to theft of cash, high daily banking activities and can lead to falsified accounting records that allow unauthorized payment and avoid taxes. In this modern world, everyone has a mobile device carry with them. Therefore, TAPS which is a device-to-device tap technology that takes the card payment machine out from the system is proposed.
Aims
To develop a safe, effective and convenience cashless transaction payment system through device tapping for small business such as roadside stalls, mamak restaurants and street markets.
Objective
- To implement transaction through simply act of tapping card by using the technology of Near Field Communication
- To integrate Low Power Wide Area Network into the system to reduce cost and complexity of using mobile wallet.
- To record the transaction happens in the network and save in database or using blockchain technology.
- To develop a safe environment to perform transaction by implementing tokenization.
Deliverables
- Users able to perform transaction by simple act of tapping each other device.
- Users able to check for balance.
- Users can login to the system.
- Users can top up money into the system through Paypal or other instance.
- Users able to view transaction history.
- Users able to register themselves into the system
i) Enable users to perform transactions by tapping two devices together through Near Field Communication (NFC)
- Device that has NFC, by inserting amount, the transaction can be made through tapping each other device using NFC.
- Save transaction through blockchain.
ii) Enable users to login into the system.
- Users will key in their registered username and password.
iii) Enable users to register themselves into the system.
- Users will register themselves into the system by registering through username and password
- username will be unique.
- password must be above 6 digit ( must be mix of alphabet and number)
- registered user will be saved into database ( not sure about this, can be using blockchain ? Please answer)
iv) Enable users to top up money into the system through Paypal or other instance.
- Top up money (IN RM ONLY) through PAYPAL . ( Please provide with steps)
v) Enable users to view transaction history
- The transaction made through NFC and saved in blockchain can be viewed.
- Able to categorized by DAY. For example transaction made in (12/8 to 19/8 only, by default show latest 30 transaction.)
vi) Enable users to check for balance.
- Remaining balance can be check IN RM ONLY.
vii) Enable users to set transaction limit.
- Allow users to set transaction limit. For example, highest transaction can be made everytime is lower than RM 100. Must key in PASSWORD again to change.
viii) Utilize tokenization to develop a safe environment to perform transaction.
- Secure transaction with tokenization, the transaction must be using tokenization and able to integrate with blockchain.
ix) Record and save the transaction happens in the network by using blockchain technology
- SAVE everything using blockchain (everything include transaction, username and password.