Future personal "e-payment": IrFM

There is widespread distribution of millions of mobile devices such as mobile phones and PDAs with infrared data association (IrDA) ports to consumers worldwide. Rapid advancements in both device technology and users' capabilities are the foundations for a new digital payment system, which promises to change the traditional method of payments. By utilizing standard IrDA indoor infrared technology, infrared financial messaging (IrFM) is a financial messaging specification with great prospects for future digital payment systems. In this article, we carry out a comprehensive analysis of IrFM, clarify the benefits of using such a system, and develop a model which allows us to identify the significance of major performance factors of digital payment systems. Issues concerning connection speed, security, reliability, simplicity, and interoperability of IrFM are investigated.