Phone number-based mobile payments have gained attention as a potential alternative to traditional payment methods. This approach involves linking a user’s phone number with their bank account. Allowing them to make payments by simply providing their phone number during a transaction. The recipient can then verify the payment request and initiate the transfer of funds. Feasibility and technical considerations: implementing phone number-based mobile payments comes with certain technical considerations. One crucial aspect is security. To ensure the safety of transactions. Robust authentication measures must be in place.
This may involve utilizing two factor authentication
Such as sending an otp (one-time password) to the user’s registered mobile number to verify the payment. Another consideration is the Estonia Phone Number List integration of telecom operators with financial institutions. Collaborations between telecom service providers and banks would be necessary to establish a seamless connection between phone numbers and banking systems. Additionally. Mobile network infrastructure needs to support the transmission of encrypted payment data securely. Challenges and limitations: while the concept of phone number-based mobile payments seems promising. Several challenges and limitations need to be addressed.
One challenge is the potential for fraud and unauthorized
Hackers could attempt to compromise phone numbers. Gaining access to users’ financial information. To mitigate this risk. Strong security AFB Directory protocols and encryption techniques must be implemented. Another limitation is the dependence on network coverage and connectivity. In regions with poor network infrastructure. Users may encounter difficulties in initiating or completing phone number-based transactions. Moreover. Compatibility issues between different telecom operators and financial institutions can hinder the seamless integration of services.
