Online Money transaction – nightmare

I was reading through this blog post, which is nicely written by Tanvir. He represents a very nice idea.

Here I am going to represent my idea, based on my experience on online presence and web based application development. This article will more on graphical presentation rather writing the textual content, more over I am not good in writing.

My overall plan is shown in the following picture.

online_trx_1.jpg my proposed Online Transaction Model

From the left corner:

  1. online users, who wants to buy stuffs (user)
  2. the service providers who want to sell their stuffs (merchant)
  3. a service bridge between 3rd party online transaction service provider and merchant
  4. online transaction service provider
  5. relation with 3rd party insurance and mortgage company
  6. common protocol to connect with local banks

Interaction among the user, merchant and service domains:

Let’s think a user “Miss. nai”, who is interested to buy a book “abc” from “”. now let’s imagine the interactions among the services.

online_trx_2.jpg Interaction among the services (1st party, 2nd party and 3rd party)
  1. user > “I wanna buy ‘abc’ book”
  2. > user: “give me your secret code”
  3. > OTS: “she wanna buy some stuffs…” [send secret code to OTS]
  4. OTS > “you can trust, she has an account with me”
  5. > OTS: “can she transfer 300 tk. To my account?”
  6. OTS > “sure she has sufficient balance, cheers!!”
  7. > user: “can you give your identification code, which was given after your previous transaction?”
  8. user > “Ohh, yea, here is it… ****”
  9. > OTS: “can you please transfer 300 tk. Here is her unique identification code”
  10. OTS < “Wow!!, that’s valid, you got her balance now”
  11. OTS < “Anyway, let her know about her, new transaction id and identification code”
  12. user < “Yahoo!!, transaction done, thank you for your patient”

More depth view of “Online Transaction Service”

online_trx_3.jpg OTS in depth
  1. merchant & user detection
    verify whether user request is coming from valid and trusted merchant. Also verify whether user, who wants to buy stuff, is already subscribed with “Online Transaction Service”.

  2. ensure escort money from user account
    when transaction has began, OTS will escort few balance from user account. To ensure perfect transaction between merchant and user.

  3. alternatively, ensure insurance for each transaction
    OTS can hook up with 3rd party insurance company, which company will ensure insurance for each and every transactions. In this case OTS has to buy insurance policy. It will affect merchant, they have to pay few additional service charge. But no impact for end user.

  4. validate user account or balance
    verify user presence over ”Common protocol”, where Common Protocol will communicate with all local (subscribed) banks or Credit Card authority through comprehensive web service.

  5. notify Account transfer
    local (subscribed) banks or CC authority will notify status of account transfer through ”Common protocol”.

  6. receive balance transfer confirmation from user bank
    user has to confirm their balance transfer, hereafter successful transaction, a new identification code will be generated, which can be used for single transaction.

  7. receive balance transfer confirmation from merchant bank

thats all for tonight, hope later i will add more stuff


3 responses to “Online Money transaction – nightmare

  1. Hi hasan,

    It was great to see you coming out with innovative ideas to improve one of our long lasting obstacles. To overcome many of our congestions and shortcomings we need a easy and reliable way to do our simple transactions online. Because of its lacking we in boimela can hardly give any chance to the visitors with an effective way to purchse books from Bangladesh. I hope the governemtn regulations will ease up and allow third party%u2019s to grow and help both sides.

    Also thanks for using my website as a model to show a successful transaction.



  2. Thanks for having incite on OTP for bangladesh, we hope some third party will grow very soon for the best of all.

    also thanks for using as an example of online shop 🙂



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