Overview

Overview:

Kingston Mobile Payment Systems (MPS) has one specific and important goal by entering the mobile market. Through different market investigations and numerous data analysis, a clear dilemma has been discovered. Kingston MPS’s goal is to develop an application that promotes trouble-free, secure and effortless mobile transactions; with the hopes of also resolving the security and privacy issues faced by many Credit card and Visa companies.

Research shows that in today’s mobile markets, large demographics of Smartphone users do not make use of the true potential of mobile payment systems and online transactions. It is our hope to change this trend and to develop a service that will be targeted towards both consumer users and vendors who will utilize our service to improve the overall transaction process. As a result, the main forms of transactions will be conducted through P2P and B2B layouts.

Through different security and privacy settings, Team Kingston will utilize current technology that will save users from fraudulent misuse and unwelcomed access to personal information. The technology implemented by Kingston MPS will utilize biometrics, pins, and verification tokens to verify proof of identity and proper usage. With proper verifications, a quick and easy transaction will be virtually delivered and completed. To add money or check on their personal account information, users can access the Kingston mobile website and monitor their purchases and any transactions that have been made from all accounts linked to Kingston MPS.

Kingston MPS will act as the middle man in the transaction process and provide a service for Venders and Banks by using the user’s personal account numbers to speed up the transaction process. Through point of sales terminals and NFC technology, a user can quickly purchase items from vendors without the need for cash, credit, or debit cards. Generally these forms of payment take longer to process than through the use of NFC technology, and so this can create incentive for both consumers and venders to implement our service.

Our service will utilize the use of credit, debit and pre-paid payment systems that will allow users the ability to choose which accounts and which methods to use for their purchase payments. This is an important function in that it allows users to have numerous sources to make their purchases and removes the need to carry the cards in their wallets.

When examining the mobile payment market, it was determined through the analysis of numerous figures and various investigations that illustrate the vast amount of possible opportunities available for Kingston Mobile. With a detailed competitive intelligence investigation, Kingston Mobile was able to determine possible solutions and innovative methods available in the market. Ultimately allowing for a strategy and 'game plan' to be developed.

Overall, Kingston MPS wishes to provide a service that is safe, secure and convenient for not only consumers, but for all the parties involved including the vendors and banks. With the implementation of our service, mobile payments systems will change the market for the better and give consumers the power and the ability to make their purchases through a suitable, secure and innovative method.