Mobile System Design Exercise: Designing a Payment System | PART — 1
A payment system is a mechanism or infrastructure that facilitates the transfer of funds between individuals, businesses, or entities. It allows the exchange of monetary value in exchange for goods, services, or obligations.
Payment systems can take various forms, including traditional methods such as cash, checks, and bank transfers, as well as modern electronic payment methods like credit cards, debit cards, mobile payments, and online payment platforms. These systems enable individuals and businesses to send and receive payments securely and efficiently.
When we talk about making payments using mobile, there are usually two scenarios that can occur. Either A. You would be doing a peer to peer transaction or B. You will be purchasing an item or service online.
1. When you are transferring funds between people you know
Users of the app can easily transfer funds between people they know by adding their card details and creating a wallet. The app syncs with their contacts who also use the app. Users select the contact, enter the transfer amount, and choose to deduct from their wallet or debit/credit card. The app securely processes the transaction, deducts the amount, and sends it to the recipient. A payment receipt…
