Paybyx is a contactless multipurpose smartcard mainly used to make payments offline. It performs a payment processing system by providing a prepaid account to consumers through individual consumer cards. For example, a consumer could make a prepaid payment of $50 and then use it for his regular expenses like transport, cafeteria and other shopping’s. From these information’s, it finds out what typ
e of shopper you are. Such information’s will be provided to the market and in return we could provide some discounts and offers to the consumer’s. Paybyx account can also be used through other electronic gadgets which supports the NFC technology. Paybyx has multiple numbers of sub accounts and funds deposited for one specific type of products can be spend only to one specified type. For example, if a sum of $500 is deposited for fuel category, it could be spend only in the petrol stations. Similarly it works for different other categories. Apart from the fixed type of different categories, Paybyx also allow the merchants to create some sub accounts in the card with the consumer’s permission. This is to get further discounts from that particular merchant. Paybyx also provides some memory to save some temporary values. These values could be used to make sure about the consumers usage and his charges. For example, a man enters a car parking by tapping his card. A temporary value of the IN time and date could be saved in the card. Which taking his car OUT, the device fetches the IN time and calculates the time and charge based on the period used.
