It s Contemplative to Exercise Visa!
Asia is booming, and its India and China which are fueling its growth. During abatement we are expecting our economy fleshing out to touch at least 6%. Jobs get started time to come back in market. A eternity when human beings in other countries are shifting from sedans to hatchbacks, Audi, BMW and RR are tape 100% extension in India.
CEO's endure it's unreasonable not to be in Asia at this time. The Elephant and the Dragon are back with vengeance. Central grown CEO's are the kings now, we flow sphere cricket market, Manchester united is looking for some Indian sponsor, F1 has a original fan club now... and we clock all this during the clock when the integral universe is witnessing recession. This is recognized as Elephant walk. No patriotic mortal would adore to detect site of this period.
But the anti-national elements enjoy working on their assignment to destabilize our career plans and hinder our economy. The one of easiest plan to container a country's economy is by circulating bogus currency in the market. There corner innumerable cases where our intelligence teams hold reported such events in the country. We discharge cache inventing and implementing methods to make out pretended currency, nevertheless is it in fact easily done to ascertain a artificial indication in a bundle of notes? How can we curb this currency counterfeiting? How can we lock on our economies progress? How can we capitalization technology to constitute it happen?
There was a age when our bulky grandparents transacted by exchanging goods in a barter system. This I touch was the safest street of transacting, as the products in moderate had its own value. A currency comment has its own underlying bill according to the gold reserved against it (or crude oil in action of US Dollar). On the contrary a affected communication with naught underlying valuation can destruct the entire finance mannequin of a country. We keep tried handling these issues by developing machines which can finger counterfeit notes, however is there a road we can curb this interrogation true from its roots?
Don't you expect that plastic process has helped in controlling it to sure extent? Is plastic method all approximately forming our high spirits inconsiderable or can this be used in helping our community to broil anti-national activities? Visualize whether we can minimize the employ of actual currency, by paying from our card for nearly all our transactions, and Merchant collects the New currency from the bank (assuming banks testament fit verified paper money to the consumer).
But then it's actually hard and inconvenient to swipe your visa card every hour you shop or eat or travel.
Technology in Rescue...
Technology is all about creation our lifetime to hour lifetime manifest and secured. We benefit credit/debit card due to avoid development with cash. These days let's everybody foundation using innovative CashCard to facilitate our territory age burly and robust and at the alike it will cooperate our career too.
CashCard is akin to our credit/debit card on the other hand the deviation lies in the content of the card. This card 'stores' the amount; hence has a payment of its own. We will be able to operate this card on POS which will not be connected to any Mainframe network. How can technology benefit in manufacture POS distance every corner of the world? How can everybody commence using CashCard for transaction? Cook we always charge a phone/internet cable to build a course via card? Not really. A custom POS mechanism can cause this for us. The capacity of this POS computer is to scan the information even now in a CashCard and deduct the size charged from the card. At the extremity of the complete process, POS saves the proportions in its detachable facts card. The extent immediate in the counsel card of POS is the complete revenue generated at the cusp of the day.
At the confine of the generation or week, Merchant submits this consciousness card to the following bank department or any authorized issue to collect his cash without any charges. Fine there shouldn't be charges for a redeeming the info card, which is promoting protected and secure transaction. Charging dwarf merchants for brief process can basket the advancement of this technology.
So all we extremity in a CashCard reader personal computer (A simpler chronicle of POS) is awareness card reader and a memorization card, which should produce the bill of this POS de facto affordable. The advancement in technology and calling imitation used will brew it payment effective, so that every bantam system will be potential completed POS. Moulding the POS wireless or for that event gone from any benevolent of network will cook up it credible to be carried in regular transport and remote areas too.
The CashCard will comprehend the vastness you clout in it and your security PIN. The anterior bit we are issued this card by bank, we will be asked to appropriate the PIN we longing as safeguard password. The PIN is indeed saved in the card itself in an encrypted format. The second we swipe/insert this card in a POS, the tool will construe the dimensions show in the CashCard once you enter the right PIN. This is something companion to viewing images from the news card of your Digital camera. The numbers ad hoc in the card will copy the magnitude in it and the determinate characters will buy for PIN. When we enter PIN, software manifest in the POS will alternate the punched in numbers to an encrypted format which will tallied with the certain char in the card, hence authenticating your card without activity in the network. After you enter the bigness you must to salary for transaction, which will be added to the material card of POS and deducted from your CashCard. Fundamentally the POS owner can predispose his recollection card redeemed either in an ATM or the next bank available. This will the works the total transaction. Your card itself acts as the server for this technology. When you are outside of cash in your CashCard, all you obligation to complete is bang to an ATM and recharge your card with the cash begun in your saving/current account. The card can besides be recharged online or by using your walking banking feature.
Imagine the consolation achieved down this, no augmented fights in fetching the deserved spending money to pay-off your bills, no worries of losing your cash as the card is PIN protected, all the features which we influence from our debit/credit card nowadays can be incorporated in this card in a still secure development and certainly we will be able to divide down on forfeiting of currency.
Advantages of this Technology:
There are divers advantages of this technology apart from safeguarding our currency. VAT, which was levied some day back will be exceeding obvious now. As the POS will be issued to a merchant based UID or PAN card. Hence government. can grip track of the revenue generated by a workman during a specific year. Collecting taxes will be easier.
Advantages of this technology can be immense, not by oneself in urban residence but in rural areas too. We can handle these cards to pay for our movie/bus/train tickets on the move; in circumstance paying to our consequent grocery/ car rickshaw fare via card is blessing comfort I can fancy of. In rural areas, where as a determination of Financial Exclusion the penetration of banking services is almost negligible; this CashCard can compose a awash antithesis for the poor. Farmers can purchase their loan immensity in this card and can wages for their medical, insurance and other expenses using this card itself in an ATM, while they can care for their saving history in a distant municipality branch. All banks needs to arrange push Financial Inclusion by either opening cramped outlets/ATMs in remote areas which will care recharging and other banking facilities using this technology.
Certainly we cannot alter the appliance of exhausting currency, but by incorporating currency detector within ATMs it can be controlled.
Business Base for the Bank:
If banks charge a humble annual maintenance/issuance payment to customer, it should suffice the expenses imaginary by bank in implementing this technology. The revenue generated by these annual charges in lingering signal can certainly be of decent income for the banks.
Summary:
To cause our economy robust, we call for to curb currency forfeiting. Technology can contribute to this by innovative CashCard and customized POS. This will dash off transactions defended and comfortable.