Best Ideas 2020 features all the nominated entries submitted under ‘Submit your Idea’ category. All the entries consist of innovative solutions or propositions for an enterprise that champions the Sustainable Development Goals. They can be on the conceptual, planning, or start-up stage.
Explain your idea in details:
Inventing a new dedicated Digital Wallet to be linked to stores like large supermarkets, restaurants/cafes, and other large shops (As A Start..) within the bank that these merchants are dealing with. You as a client to log in to your bank account through your mobile app and to choose the merchant icon in order to open the list of merchants who have accounts within your bank. Or you select the merchant you want to shop from not via mobile bank app, just through the merchant app itself or website. After selecting the type of merchant you want to deal with, you transfer funds from your digital pocket or wallet GL to the merchants account a certain purchasing budget. Then you receive a one-time-password OTP secret code or token via private SMS to make your purchases by. Noting that every purchasing transaction is with a different OTP in each time you credit funds to the merchant account. You visit your merchant to make your purchases within the budget credited to the shop account. You confirm with the merchant the given token code. Lastly you receive an SMS on the spot to confirm your purchases. Then finally your account gets deducted with the required amount plus the service charge fee.
Expected impact of your idea on sustainable development
POS machine extinction by time (Cost Saving). Customer faster service to avoid any technical error that might happen to a hardware device or plastic card (Customer Satisfaction). Card-less and Cash-less (Better Security & Cost Saving). A very small service charge fee to be deducted from the client account per every transaction done through the Merchant E-Wallet (service charge fees) (Business Profit). Every transaction with a different password (Better Security). No Fraud issues the service is totally contactless (Better Security & Business Profit).
Plans for implementation and sustainability
Well being an innovator my role is the Ideation phase mainly. seeking to partner up with an entity and technicians to implement this service.
My name is Ahmed AL Qassem, I'm 37 years old. I've been working in the banking field for 12 years in the field of procurement and the cards center. On the other side I'm a part time marketer and branding designer. Recently I've been nominated as an innovation advisor in the banking field nowadays according to certain projects submitted to the bank through Ignite contests and innovation hubs.