Introducing Speedy Pay: A new mobile payment scheme

We propose a novel scheme that can satisfy all types of payments through mobile phones, fulfill the needs of all stakeholders and still keep a robust relationship between efficiency and security. The proposed scheme is built to achieve high level of security and reliable infrastructure. This will eliminate new expenses, minimize the overheads on all stakeholders and can result in time savings of around 90% in implementation and market. Our proposed system is a new communication network that directly connects banks to their customers through mobile phones. All bank services become readily available anytime and anywhere. Our system enables individuals, point of sale, service provider or any other entity to access their own bank accounts. It relieves users from the need to carry cash or credit cards; they can therefore pay bills, transfer money, receive payments, or make reservations by using their mobile phone in real time.