This paper outlines the potential of SMS Based financial information and transaction services which can help users in account access, payments and in making time and location independent transactions. So far, existing m-commerce initiatives have focused on GPRS or SIM based approaches which have their specific limitations. After highlighting comparative strengths of SMS based m-commerce solutions vis a vis GPRS and SIM Based solutions the vulnerabilities of SMS technology are brought out in detail. Having outlined the security and application requirements for an m-commerce solution this paper details how Secure SMS based notification and transaction system meets these requirements.
Keywords: m-commerce, mobile payments, SMS, GPRS, m-banking, payment systems
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