A Proposed Secure Mobile Money Transfer System for SME in Bangladesh: An Industry 4.0 Perspective

Nowadays, the fourth industrial revolution (Industry 4.0) sets new goals for production and impacts on industrial values. Adopting Industry 4.0 in Small and Medium Enterprises (SMEs) provides new paradigms for industrial management to enhance the business policies and outcomes. Payments in SMEs primarily follow the existing banking system in Bangladesh. Again, though the mobile money transferring system is a convenient and easy way, it required to be highly secure and reliable. Thus, an automated and secured mobile money transfer can be introduced towards adopting the Industry 4.0 in SMEs in Bangladesh. Therefore, the objective of this article is to propose a money transfer system to automate and enhance the security of payment process for SMEs in Bangladesh. To attain this objective, a conceptual framework from an Industry 4.0 perspective along with required algorithm is proposed here. The proposed system includes iris verification technique to authenticate a user uniquely and consistently over the time. The theoretical justification and expected benefits are also discussed.