Near Field Communication

Banks encouraged to go Global..

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The power of the smart phone or mini-computer is being realised by some mobile-payment conscious innovators.

Swift are calling on Banks to initiate an open Global service api – funny that?  Heres a link to the article at Finextra and the downloadable whitepaper . Problem is the Banks prefer to work with Cards all the time and the unsuspecting consumer and  retailer is expected to follow lead and upgrade. Its a win win for Telco’s and Banks – or is it?. Mini-computers and or smartphones are much more intelligent than using NFC.

What makes SMSGlobalExchange distinctive?

  •  Flexibility – no requirement for any card present related transactioning, the ability to transact in other forms of reward other than the promissory note eg TimeBanks.
  • Even the text formats offline aspect is changing with smartphone use of voice activation technology – text by speaking into the handset microphone, the term is VEXT . An article by Amanda Kooser highlights an application developed on secure password authentication using VEXT technology.  ANZ trialled a product using NFC but it turned out to be a failure in Australia where mobilephone covers were used to house the software. Heres what Apple co-founder Mr Wozniak thinks about the future of computers in a recent television interveiw while in Australia. FairGo gave an insight into creditcard fees also.
  • Text only formats for non-smartphone users

Mobile Application SMSGlobalExchange versus NFC

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SMSGlobalExchange. A concept that is being developed for universal application owned by the Users. Effectively non profit, minimal fees and interest free lending as defined by Users. Fees are applied to application development and maintenance, everything is transparent. Our concept embraces alternative units of exchange including but not limited to Time Banks, interest free loans and local currency thereby encouraging Global connectivity that is not burdened by debt created by interest. True value is maintained for the benefit of Users, their labour and products as opposed to the outgoing standard of foreign control, selective ownership and manipulation. With emphasis on mobile connectivity Users have access to all information and exchange facilities at anytime.
Near Feild Communication (NFC) “contactless card or Bank on phone” solutions require close or nearby interaction between a compatible mobile, card and terminals as opposed to  SMSGlobalExchange which can transact remotely from “anywhere to anything” as well as NFC where demanded for transitional periodsJay Donovan at techcrunch gets a quote from Richard Crone CEO at Crone Consulting LLC in USA “the entrenched stakeholders ( the card networks and the mobile networks ) would like you to believe that NFC capable phones for payments is an inevitability and a necessity – the evolution of modern payments? the truth is that NFC payments is actually an outmoded concept that really isn’t needed. A remnant of our offline past when storing actual card data in secure element hardware, was actually necessary. It can all happen in the cloud these days.” With a future vision EWallet solution such as SMSGlobalExchange a common unit of exchange free from profit orientated central reserve Bank corporations or traditional debt laden Bank environments and excessive fees like anz.co.nz or westpac.co.nz or even kiwibank.co.nz. This means that the ability to transact remotely and in the cloud Globally is a distinct advantage compared to NFC solutions. (Update Australian Banks are to be sued for charging penalties illegally – register at http://www.fairplayonfees.co.nz ) Just think if you could live debt free enjoying life as it should be, healthy and enjoying innovation derived from a global cooperation. How more productivity and creativity can be exponentially advanced without manipulation. In high volume transactioning NFC works well and smartphone developers are addressing this with alternatives such as Quick Response Codes. For many merchants we advise that before you invest in NFC that you consider other options to avoid disappointment or changes to currency units of exchange and unecessary cost. Further discussion in recent times at a USA summit with the Federal Trade Commission certainly indicates that ” key stakeholders” are keen to maintain a strategic model of control. From a community perspective local currency alternatives are great providing “real” wealth to members. Scribe Deirdre Kent released a fantastic publication – Healthy Money Healthy Planet examining alternative currency matters. With the likely collapse of interest laden promissory notes printed by Reserve Banks SMSGlobalExchange invites a Global community to become Users and effectively the owners by simply opening an account and using it. We are developing an entirely different community model with complete transparency to all account holders. No hidden fees or even interest on loans thereby creating a debt free environment. If you are a Developer keen to join the development please contact us.