The mCard approach for Bangladesh: A smart phone based Credit/Debit/ATM card

Mobile payments are a natural evolution of e-payment schemes that will facilitate mobile commerce. A mobile payment or m-payment may be defined, as any payment where a mobile device is used to initiate, authorize and confirm an exchange of financial value in return for goods and services. Mobile devices may include mobile phones, PDAs, wireless tablets and any other device that connect to mobile telecommunication network and make it possible for payments. In Bangladesh, several private banks (Dutch-Bangla Ltd, Islami Bank Ltd, Trust Bank Ltd and Others) introduced mobile banking. The BRAC Bank-initiated mobile banking service, “bKash”, is at present the country´s leading service-provider in mobile banking. This paper present a new m-payment system called “mCard” replacing existing Credit or Debit or ATM card and includes some feature of mobile banking (except money transfer to remote area).