Pfizer COMMUNITY Pay-by-Bank Program
Innovative solutions to streamline and secure online transactions
Pfizer COMMUNITY Pay-by-Bank Program
Innovative solutions to streamline and secure online transactions
Masters Thesis Program
This is a Master’s thesis program by Emory I. Gary under the direction of Dr. Humayun Zafar for the Fintech Payment Security Summer Session at Kennesaw State University. For more information please contact:
Dr. Humayun Zafar | Email: hzafar@kennesaw.edu | Phone: 470-578-4420
Introduction
The Pay-by-Bank system is an innovative approach designed by Pfizer to streamline and secure online transactions. This system leverages direct bank transfers, eliminating the need for intermediaries such as credit card companies, thereby reducing transaction fees and enhancing security by minimizing the exposure of sensitive financial information. The introduction of tokenization—a process that replaces sensitive data with unique identification symbols that retain essential information without compromising security—plays a crucial role in making the Pay-by-Bank system robust and reliable.
In recent years, the increase in data breaches and cyber-attacks has underscored the need for more secure payment solutions. Pay-by-Bank addresses these concerns by integrating advanced tokenization techniques, ensuring that even if data is intercepted, it is rendered useless to cybercriminals.
Executive Summary:
The Pfizer COMMUNITY Pay-by-Bank Program aims to revolutionize financial inclusion by integrating cutting-edge technology with everyday financial transactions. Our program is designed to facilitate seamless, secure, and efficient payments through a pay-by-bank system, leveraging the power of tokenization and travel credits to create a robust financial ecosystem.
Key Benefits:
Technological Infrastructure:
Key Benefits:
- Security: Tokenization ensures that all transactions are secure and protected against fraud. This builds trust among users and encourages wider adoption.
- Cost Efficiency: The pay-by-bank system reduces transaction fees compared to traditional payment methods, benefiting both consumers and merchants.
- Financial Inclusion: By integrating travel credits and creating a closed ecosystem, the program includes unbanked and underbanked populations, offering them financial opportunities they previously lacked.
- Convenience: The seamless integration of payments within the COMMUNITY ecosystem makes financial transactions easy and efficient for users.
- Market Expansion: Merchants can reach a broader customer base, including those who are unbanked, thus expanding their market reach and increasing sales.
Challenges:
Technological Infrastructure:
Key Benefits:
- Adoption Barriers: Consumer and merchant reluctance to switch from traditional payment methods.
- Technological Integration: Ensuring seamless integration with existing banking and e-commerce systems.
- Regulatory Compliance: Adhering to financial regulations across different regions.
Technological Infrastructure:
Technological Infrastructure:
Technological Infrastructure:
- Bank Integration: Secure APIs for direct bank transfers.
- Tokenization System: Advanced algorithms for data protection.
- User Authentication: Robust authentication mechanisms to prevent unauthorized access.
Pfizer's Pay-by-Bank: BANK TRAVEL Empowering COMMUNITY
Experience the benefits of Pfizer's Pay-by-Bank program through B.A.N.K. T.R.A.V.E.L., designed to support the underserved and unbanked by leveraging travel. Our approach is built on the solid principles of C.O.M.M.U.N.I.T.Y., ensuring that everyone has access to essential financial services. Read about the acronyms.
Pfizer Community Program
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