MOBILE MONEY TRANSFER software

IntroductionM-Money(patent pending) aims at carrying out transactions which are normally carried out by Credit Card / Debit Card / ATM (Automatic Teller Machine) Card with help of mobile phone only and totally without the need of any plastic card at all. This also aims at providing a method of using mobile phones for money transactions at a greater ease, at a variety of locations, with greater efficiency and greater simplicity than the system of plastic card use for similar transactions. It is also an objective to ensure in the invented method the usual essential features of authentication, safety in transaction and assurance of payments to the seller of the goods or services. Process A Merchant / retailer (vendor) desirous of operation of this system at his shop shall have a software installed in his computer / Card Machine or Hosted model where in shopkeeper will send the an Authentication Code over electronic transmission including but not limited to internet / SMS (Short Messaging Service) / IVRS (Interactive Voice Response System) / USSD (Unstructured Supplementary Service Data) system and get the confirmation of payment transaction. The vendor shall have a "M-Money Retailer number" which shall be written on the bill of the amount to be paid produced to the buyer of his goods The buyer shall have a mobile enabled with software of this invention i.e. "M-Money" system. Upon appropriate surfing, he shall get a pop-up menu to enter the amount billed and the "M-Money retailer number" which is sent to the server. The server responds with a unique 16-24 alphanumeric figure, which the buyer writes on the bill The Merchant shall put that number in the Personal Computer (PC) or billing machine or over hosted scenario, which shall verify the Authentication Code and a receipt is produced. On the Back End, the Service provider on behalf of bank pays the amount at closing. The buyer receives bill of this amount as a part of monthly mobile bill produced. Benefits Benefits to consumers / buyers include but are not limited to one or more of the following: 1) They don't have to carry the cards all the time or none at all. 2) Capable of completing Entire Cycle, i.e. presentation of new Items its description and final payment over the mobile. 3) They do not have to worry about the loss of card or its misuse by someone. 4) More secure transactions on the internet as there is no need to put the Card details and other authentication. 5) No need to be physically at the location of billing for making the payment or signing the receipt. 6) More accessibility as the service provider will be linked with the larger gamut i.e. Linked with MasterCard, Visa or AMEX while one card will work only with either one of them. 7) Easy way to send Money to two persons. 8) Users multiple accounts can be interlinked. 9) In the invented method, for Instant transfer, the transferor and the transferee don't have to be of same bank or city, and such transactions can be done over the mobile even while travelings. 10) Shopping can be done on move, payments will be done and goods will be delivered even in the absence of buyer. Benefits to Banks 1) Certainly will give boost to transactions. 2) Banks will save expenses on: ATM transactions Cheque processing Cash withdrawals & deposits 3) Economy II thrive as lot of money II be in rotation. 4) The target audience of banking industry will grow three fold. 5) As Merchants, consumers & banks are on common platform. So various cross promotions are viable. Benefits to Retailer/Merchant 1) No need of keeping machines for different banks so can target more customers. 2) Don't have to face the disconnection problem or machine not working. 3) Don't have to have a separate telephone line for connection as this need only a billing machine where the software is loaded & printer. 4) Very useful in B2B transactions.

M-Money, patent pending