Describe the current Payment System in Palestine, discuss the most common payments currently used and the Mobile Payments in Palestine.

Appropriate Technologies. Given the current circumstances in Palestine
bank accounts, available business models, regulatory framework.recommended technologies include a POS-based platform and a SIM-based mobile banking platformThis would provide the necessary functionality and outreach, while simultaneously addressing the PMA’s security concerns.

The most cost-effective means to offer these services would be through a shared services model used by all banks on a pay-per-use basis.

Affordability.

Using comparative figures of the relative costs of mobile banking services in four
other countries, we estimate the affordability of a branchless banking product in Palestine.

use the highest-cost product as a benchmark, only 53% of the Palestinian population would be able to afford a full range of BB-enabled services. However, if South African providers are excluded and the highest-cost product in the other three countries is used as a benchmark, 90% of the population would be able to afford a full range of BB-enabled services. Given the small population in Palestine, though, it is unlikely that such services could be provided profitably by a single financial service provider in a competitive environment. Therefore, it is recommended that a BB application be integrated into the national switch, which would substantially reduce costs. It is important to note that the affordability estimates suffer from significant limitations, and that further research and analysis will be needed to refine these initial estimates.

Discuss the Current Mobile Banking Application in the Bank in Palestine

The new application provides a package of electronic services that the customers can execute on their accounts, most importantly: self-registration with no need to visit the Bank, “Pay a Friend” service, which enables the customers to transfer small payments to other customers through their mobile phone numbers registered at the Bank. The new services within the application also include payments of bills for various services, (such as electricity, water, mobile phones, internet and others), add balance to mobile phones, transfer balance within one account, transfer balance to friends, add credit to banking cards and settle credit card accounts; in addition to inquiry about the accounts balance; students can pay their university and school tuition through this application as well.

Discuss the technology Challenges of Mobile Payments:

Numerous challenges to the adoption
of BB delivery mechanisms will need to be overcome. These include: the lack of a national
payment system and national switch; restrictions and gaps in the regulatory framework
(particularly with respect to outsourcing financial transactions, money laundering and terrorist
financing, electronic money, electronic commerce and security, consumer protection, and
payment systems); PMA concerns about the risks inherent in BB delivery mechanisms; a
conservative banking sector; consumer education needs; product design challenges; and the
existence of a well-established brick-and-mortar infrastructure.

How to Protect Yourself When you are using Mobile Payments.

Below are 5 key areas where you could be at risk:

Lost or stolen devices
Phishing scams
Weak passwords
Using Public Wifi
Human error

How to protect:

1 Smartphone vendors continue to introduce protection technology that can prevent a hacker or thief from accessing your mobile wallet. Two-factor authentication requires two forms of identification to unlock your device. This is normally a combination of a fingerprint or facial recognition and a PIN number. Tokenization ensures that your card information is never seen by merchants when a randomly generated payment token is created in place of sensitive card details

2 Protecting yourself from a phishing scam requires you to, predominantly, use common sense. Be vigilant when downloaded apps from unknown sources, stick to well-known creators. If you suspect you have received a phishing text message, delete it immediately and do not click on any links. Pay attention to the URL of websites you are browsing. Due to the size of your mobile phone screen, most websites are optimized to reduce URL visibility and you may not even realise you are visiting a phishing URL.

Discuss the advantage and (disadvantage) of Mobile payment systems.

Advantages:

Convenience:

One of the benefits of mobile wallet payments is the convenience. When it’s easy to make a mobile payment the customer will spend more money on your services or products.

Access To Valuable Information:

Encouraging your customers to pay with their mobile device will also provide you access to powerful data that can easily improve your business.

Mobile Payments Disadvantages:

Security Risks:

One of the most widely known risks of accepting payments with a mobile phone is the possibility of data breaches.

Constant Update Needed:

While some see the fact that turning your device into a POS system to accept mobile payments is much cheaper than buying a traditional system, it may actually cost you in the long run.