Mobile Payments with Instant Settlements

Mobile payments have been evolving over a decade and proliferation is largely for contact less wallet services. Most such services are closed loop payment services provided by specific service providers. These services have the advantage of instant settlements for their subscribers. However, a few such providers in the market could again lead to the classic Master-Visa market dominance. This paper proposes interoperability between wallet providers. Such wallet services serve a niche need for retail payments and specifically low value payments. The intention of providing interoperability between such providers is to fulfill the need for instant settlements for low value payments. This could potentially target cash payments which require instant settlements. In this paper, the scenarios are illustrated, a service architecture is defined and a service description is proposed.