SEB711 Assignment 1: Digital Payment Innovation Analysis

This report provides an in-depth analysis of an innovative concept: a geolocation-based digital payment system. The report begins with an executive summary, followed by a detailed concept description, outlining the idea, value proposition, and background literature. It then analyzes the competitive advantages of this technology, including lower transaction costs and enhanced consumer value, and discusses how these advantages can be sustained. The report also addresses potential risks and weaknesses, such as reliance on Wi-Fi and security concerns, and proposes solutions to mitigate these issues. Furthermore, the report identifies the skills and team required for successful implementation, including technological proficiency, monitoring capabilities, and security expertise. The conclusion reiterates the value of geolocation technology in simplifying mobile payments, enhancing security, and offering targeted marketing opportunities, making it a valuable innovation in the evolving digital landscape. References are also included.

Running head: INNOVATIVE CONCEPT ANALYSIS OF DIGITAL PAYMENT PLATFORM
Innovative Concept Analysis of Digital Payment Platform
Name of the University:
Name of the Student:
Authors Note:

1INNOVATIVE CONCEPT ANALYSIS OF DIGITAL PAYMENT PLATFORM
Executive Summary
Geolocation based digital payment system innovative technology has features that can offer
information regarding a specific transaction along with offering mobile merchants with valuable
insights within profitable locations for their businesses. The report will analyze the capability to
implement common principles, philosophies, processed and methods involved with innovation
management and development. Through employing necessary skills, the organization will be
able to constantly develop advanced digital payment services along with developing innovative
new niche of location based services within the market.

2INNOVATIVE CONCEPT ANALYSIS OF DIGITAL PAYMENT PLATFORM
Table of Contents
Introduction......................................................................................................................................3
Section 1: Concept Description.......................................................................................................3
Title of Concept...........................................................................................................................3
The Idea in a Nut Shell................................................................................................................3
Value Proposition Offered by this Concept.................................................................................3
Literature Review, Existing Patents and Concept Background...................................................3
Section 2: Concept Analysis............................................................................................................4
Competitive Advantage...............................................................................................................4
Sustenance of Competitive Advantage........................................................................................4
Assumptions in Formulating Idea................................................................................................4
Weakness/ Risk of Current Plan and its Solution........................................................................4
Section 3: Skills and Team Required...............................................................................................4
Skills Needed...............................................................................................................................4
Team Required to Meet the Skills/ Experience Needed..............................................................5
Conclusion.......................................................................................................................................5
References........................................................................................................................................6

3INNOVATIVE CONCEPT ANALYSIS OF DIGITAL PAYMENT PLATFORM
Introduction
In the current era of fiercely competitive business environment, innovation has played a
vital role in development of exceptionally great products and services along with better living
standards. Concerning such scenario, seal innovative concepts are being developed by the
organizations as a solution to the problems faced by them in maintaining a competitive edge
(Benghozi and Paris 2016). The objective of the paper is to understand the process of developing
the emerging innovations, its management along with the effect it has on the social and
technological sustainability. The report will also analyze the capability to implement common
principles, philosophies, processed and methods involved with innovation management and
development.
Section 1: Concept Description
Title of Concept
Geolocation technology concept is an emerging concept in digital payment platforms
used by organizations that can facilitate in matching the location of consumer’s phone and the
location where their payment card is being used.
The Idea in a Nut Shell
Using the geolocation technology in the digital payment system of the organizations is an
innovative concept that can make mobile payments simpler along with addressing the security
concerns faced by consumers. This innovative technology has features that can offer information
regarding a specific transaction along with offering mobile merchants with valuable insights
within profitable locations for their businesses (Glaser 2017).
Value Proposition Offered by this Concept
Implementing geolocation technology in the digital payment systems can offer both the
consumers and the organizations adopting it with exceptional value propositions. It can facilitate
organizations to attain growth in its m-commerce sales through offering targeted offers along
with increasing purchase conversions. The value proposition that can be attained by consumers
in their digital payment is that they can checkout through beacons or another geolocation
technology without having approach to a cashier (Hess et al. 2016). In addition, mobile wallet
solutions can integrate geolocation for entertaining better security for transactions and payments.
Literature Review, Existing Patents and Concept Background
Donnelly (2016) revealed that consumers prefer cashless payments that are exposing
them to several security threats and online frauds. As a solution to such issue, organizations
offering digital payment system are looking for innovative technology in ensuring digital
payment security or consumers. Ghosh et al. (2017) elucidated that the existing patents related
with geolocation based digital payment system includes attaining sole right to exclude others
from using or selling the invention over a set period. Registered trademark is attained by
organizations using this innovative technology in their payment systems for encoding
geolocation information within next generation Internet protocol like IPv6 for facilitating
geolocation information distribution among networked devices.

4INNOVATIVE CONCEPT ANALYSIS OF DIGITAL PAYMENT PLATFORM
Section 2: Concept Analysis
Competitive Advantage
The competitive advantage that can be attained by the organizations in implementing the
innovative digital payments systems based geolocation technology is that the companies can
attain the benefit of low transaction costs. It can also facilitate the companies to offer greater
value to consumers in successfully competing with its business rivals through offering value for
consumers to make immediate payments to vendors and merchants in safe and convenient
manner (Hess et al. 2016).
Sustenance of Competitive Advantage
The competitive advantages attained through implementing geolocation technology in the
payments systems can be sustained by the organizations through using this technology to employ
real-time intelligence regarding an opted-in end user whereabouts for offering important and
targeted data like special offers, verification of fraud protection along with personalized
interaction. Retailers can employ this technology in detecting the time online payment system
users detect when users are near a retail outlet for sending them offers of discount sales
(Morabito 2016).
Assumptions in Formulating Idea
Certain assumptions are required by the organizations in formulating ideas related with
implementing geolocation technology in their digital payment systems are indicated below:
 Payments processing industry is experiencing infrastructure modernization that needs
analyzing regularity demands and changing consumer needs.
 Constant emergence of new payment methods and emergence of instant payments
 Fraud management is highly complex in the digital payment platforms
Weakness/ Risk of Current Plan and its Solution
Certain risks that can be faced in implementing geolocation based digital payments
system includes that certain geolocation systems wants the phone to run on Wi-Fi that certain
security conscious consumers would not do or there might be weak Wi-Fi or cellular signals that
can cause problem in this payment system (Remane et al. 2017). To deal with such issues the
organizations using this technology must ensure that geolocation data ensures that the
information regarding payment transactions are protected so employees cannot access such
information inappropriately.
Section 3: Skills and Team Required
Skills Needed
The skills needed by the employees of the organization in successfully operating and
monitoring geolocation based digital payment system implemented in the company includes
technological skills, ability to have high morale and skills to monitor transaction
communications, consumer files, web history, background checks and mails along with tracking
skills (Benghozi and Paris 2016). Through employing such skills, the organization will be able to

5INNOVATIVE CONCEPT ANALYSIS OF DIGITAL PAYMENT PLATFORM
constantly develop advanced digital payment services along with developing innovative new
niche of location based services within the market.
Team Required to Meet the Skills/ Experience Needed
The team required to implement the identified skills and experience needed in the
organization deciding to implement geolocation based digital payments system includes mobile
application developers, specialized information technology team, technician personnel and law
enforcement and corporate security teams (Taylor 2016). Moreover, the teams will be
responsible will have the identified skills and experience to employ reshapes in managing and
assigning sales territories to their respective sub-teams. These teams will be responsible for
developing mobile payment application for the organization with geolocation technology that
can boost marketing and sales efficiency of the company.
Conclusion
The objective of the paper was to understand the process of developing the emerging
innovations, its management along with the effect it has on the social and technological
sustainability. It was gathered from the paper that using the geolocation technology in the digital
payment system of the organizations is an innovative concept that can make mobile payments
simpler along with addressing the security concerns faced by consumers. Moreover, retailers can
employ this technology in detecting the time online payment system users detect when users are
near a retail outlet for sending them offers of discount sales.

6INNOVATIVE CONCEPT ANALYSIS OF DIGITAL PAYMENT PLATFORM
References
Benghozi, P.J. and Paris, T., 2016. The cultural economy in the digital age: A revolution in
intermediation?. City, Culture and Society, 7(2), pp.75-80.
Donnelly, M., 2016. Payments in the digital market: Evaluating the contribution of Payment
Services Directive II. Computer Law & Security Review, 32(6), pp.827-839.
Ghosh, S., Majumder, A., Goswami, J., Kumar, A., Mohanty, S.P. and Bhattacharyya, B.K.,
2017. Swing-pay: One card meets all user payment and identity needs: A digital card module
using NFC and biometric authentication for peer-to-peer payment. IEEE Consumer Electronics
Magazine, 6(1), pp.82-93.
Glaser, F., 2017. Pervasive decentralisation of digital infrastructures: a framework for blockchain
enabled system and use case analysis.
Hess, T., Matt, C., Benlian, A. and Wiesböck, F., 2016. Options for formulating a digital
transformation strategy. MIS Quarterly Executive, 15(2).
Morabito, V., 2016. Digital Currencies and Distributed Ledgers. In The Future of Digital
Business Innovation (pp. 43-60). Springer, Cham.
Remane, G., Hanelt, A., Nickerson, R.C. and Kolbe, L.M., 2017. Discovering digital business
models in traditional industries. Journal of Business Strategy, 38(2), pp.41-51.
Taylor, E., 2016. Mobile payment technologies in retail: a review of potential benefits and
risks. International Journal of Retail & Distribution Management, 44(2), pp.159-177.