You may soon be able to withdraw money from your banking
account sitting in the comfort of your living room.
This could happen without having to go out and search for an automated teller machine (ATM) to get the withdrawal done.
Nucleus Software - a leading provider of transaction banking solutions to the global financial services industry - on Wednesday launched “PaySe”, an offline smart digital solution that could potentially democratise money.
PaySe - which is a play on the phrase ‘pay securely’ and denotes ‘cash’ in hindi language - could also address the challenges faced by banks and microfinance institutions in making basic banking services accessible to the unbanked, Ashutosh Pande, Executive Vice President, Nucleus Software said.
“We are bringing in a technology that could help banks provide efficient services for financial inclusion”, said Pande, who is the Founder and Chief Innovation Officer, PaySe.
This solution comprises of three components - PaySe processing system (a platform that digitises cash); PalmATM (a bank teller application allowing smartphone to perform functions of an ATM including the ability to withdraw and deposit) and ‘Purse’ (a mobile device to carry digital money).
“PaySe has been developed to primarily address the requirements of citizens at the bottom of the pyramid. It does not mean the solution is only for those at the bottom of the pyramid. PaySe will revolutionise the way money is saved, carried and spent. Not only does it have the capability to facilitate online withdrawals and deposits, but also enables completely offline usage like cash”, Pande said.
This peer-to-peer digital solution has potential to revolutionise banking and is going to save money for individual users, save cost for banks and increase the velocity of money in the economy, he said.
“Just like democratisation of music was possible because of ability to rip music, the PaySe platform makes it possible to rip currency and make it digital”
The digital platform allows transaction history to be captured and allow banks to analyse data and provide loan products to unbanked.
As this is a peer-to-peer digital solution, there is also no levy of any fees. “When I make ₹ 100 payment to a merchant, he receives ₹ 100. That does not happen in the digital world till today. We have to face fancy words like merchant discount ratios, where card companies extract some money out before giving it to the merchant”, Pande noted.
PaySe comes across at different price points. While the consumer purse is being launched at ₹ 1,000, the merchant purse is being launched at ₹ 2,000.
Pande also said that all the mobile wallet providers can use the PaySe platform to provide offline solutions.
Nice
ReplyDelete