Offline Digital Wallets for Small-Value Transactions
1. Offline DLT
– ledger on user smartphone
2. Trusted Cryptography Systems
– to ensure the ledger is secure and cannot be modified
This is designed for small-value payment transactions.
The Virtual Card Digital Certificates are expirable contains transaction limits. Before Virtual Card Digital Certificates are issued, users will be checked against duplicate transactions and abnormal transactions.
3. QR-BLE-QR proximity communication
– works with all smartphones without the need for NFC.
Problem with the current technologies (NFC and BLE)
Mobile wallets, which are mostly based on NFC (near field communication), have not gained wide user acceptance as expected. The main reason is that NFC, the key element, has been omitted in low-end smartphones due to cost issues.
BLE is an alternative communication technology built on Bluetooth which comes in every smartphone. However, it has a major issue of incompatibility of Android OS from different smartphone vendors.
QR-BLE-QR:
- Supports 99% of smartphones (IOS and Android)
- Transaction time less than 1 second on average