In reply to sketharaman.

All the benefits you mentioned are already part of most leading mobile payment systems, we for example are deploying ION rewards and loyalty which is a much better program than card rewards because its real time and cash and offers geo-loaction and couponing . There is almost no fraud on our system so that point is moot with MyECheck. Deferred payment can be achieved by tieing a line of credit at a reasonable interest rate to the wallet.