Planning and development of cashless payment service

OData support
Dr. Villányi Balázs János
Department of Electronics Technology

Nowadays most of the money exists virtually and forms data sets, moreover the number of people in the world who would like to get rid of cash is continuously growing. In Sweden even homeless people have credit card terminal to collect the apanage, experts believe that Denmark and Norway could be completely non-cash country by 2030. Several Western-European countries outlined in their midterm targets to achieve the non-cash society. They submit proposal for amendment in the law in order to support gradual withdrawal of cash. In a utopian world, where would not be cash, the black market would diminish and everyday life would be safer and simpler. Such a world for money management and payment systems would mean extremely serious challenge regarding safety and availability. Since electronic transactions leave traces and we suppose this is the only option to pay with, the first target of hackers would be this system. Moreover, in case of a system shutdown, users would not be able to use service/buy a commodity, e.g. they could not even buy a slice of bread.

No question that sooner or later in the modern world cash will disappear, thus the financial world, as banks, FinTech companies will be facing challenges. I set up the following targets in my dissertation: planning and implementing a noncash payment system, which provide a method to pay with mobile at a vendor. I examine present actors and their fundamental services in the market and I try and test several of them. After the comparison of services I go after the laws and regulations, which restrict noncash services in Hungary, furthermore I take into account the expectations to comply with for those systems, which would like to apply credit card integration. During planning period I identify actors, functions that need to be implemented and technological components. After detailed planning I create each component and after testing I release the service.


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