Week 31_Project Report

Week 31_Project Report

backk2Nowadays, one of the main issues that we have to deal with is the payment card fraud. According Nilson’s Report, August 2013, “the overall amount of losses caused by card fraud globally in 2012 was 7,257,971,400 pounds. The most common losses take place when the consumer pays at the point of sale from counterfeit and merchant losses happen mainly on transactions on the web or through mail order.” (Kiernan, 2015)
However, if we are living in the era of smart city, things will be much easier and eventually payment card frauds may not be the main concern for consumers anymore.
The idea of smart city is that people will live a high quality of life using digital technologies in multiple key areas. There are people who are envisioning that living in a smart city means that we are all going to be embedded with a microchip with our personal details saved in it. This will be a solution to not have your personal documents and cards on you, so frauds will be minimized.
Taking into consideration on how people think about the concept of smart city, and being inspired by sci-fi movies, like “Minority Report” (2002), I came up with the idea to design a payment machine which might someday be the evolution of electronic payment machines in order to resolve the issue of card frauds.
I designed a robotic hand with the name of “HAND OF TRUST” for the reason that people making their transactions with this hand will not have to worry about frauds anymore.
The idea is that it is going to be placed at the counters in all stores. So instead of paying by cash or card, you will just have to pay via handshake. Electronic signals, with your account details, will be sent from your microchip that will be embedded in your hand, into the receivers of the robotic hand that then will lead to your transactions being settled.
“Hand of Trust” is a payment machine that will make people feel protected and secured when they make a transaction.
Based on the reading “Future Payments 2025” people tend to feel secure when they close a deal with a handshake (PayYourWay, 2015) and it’s also “connotes that you are making an implicit promise that you would take care of the other person.” (Freethought Nation, 2011)

References:

Freethought Nation, (2011). What they don’t tell you about the handshake – Freethought Nation. [online] Available at: http://freethoughtnation.com/what-they-dont-tell-you-about-handshake/ [Accessed 1 May 2015]

Kiernan, J. (2015). Credit Card & Debit Card Fraud Statistics. [online] Card Hub. Available at: http://www.cardhub.com/edu/credit-debit-card-fraud-statistics/ [Accessed 1 May 2015].

PayYourWay, (2015). Pay Your Way 2025: The Future of Payments. [online] Available at: http://www.payyourway.org.uk/the-future-of-payments/ [Accessed 1 May 2015].

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