Asia is booming, and its India and China that are fueling its progress. Throughout recession we expect our financial system progress to the touch at the very least 6%. Jobs have began coming again in market. A time when folks in different nations are shifting from sedans to hatchbacks, Audi, BMW and RR are recording 100% progress in India.
CEO’s really feel it is silly to not be in Asia presently. The Elephant and the Dragon are again with vengeance. Dwelling grown CEO’s are the kings now, we run world cricket market, Manchester united is on the lookout for some Indian sponsor, F1 has a brand new fan membership now… and we see all this throughout the time when the entire world is witnessing recession. This is named Elephant stroll. No patriotic individual would like to see finish of this era.
However the anti-national parts maintain engaged on their mission to destabilize our progress plans and hinder our financial system. The certainly one of best strategy to hamper a rustic’s financial system is by circulating faux foreign money out there. There have many circumstances the place our intelligence groups have reported such occasions within the nation. We do maintain inventing and implementing strategies to establish faux foreign money, however is it very easy to establish a faux word in a bundle of notes? How can we curb this foreign money counterfeiting? How can we guarantee our economies progress? How can we use know-how to make it occur?
There was a time when our nice grandparents transacted by exchanging items in a barter system. This I really feel was the most secure method of transacting, because the merchandise in change had its personal worth. A foreign money word has its personal underlying worth based on the gold reserved in opposition to it (or crude oil in case of US Greenback). However a faux word with zero underlying worth can destruct the entire finance mannequin of a rustic. We have now tried dealing with these points by creating machines which might establish faux notes, however is there a method we will curb this concern proper from its roots?
Do not you assume that plastic cash has helped in controlling it to sure extent? Is plastic cash all about making our life simple or can this be utilized in serving to our nation to struggle anti-national actions? Think about if we will decrease using precise foreign money, by paying from our card for nearly all our transactions, and Service provider collects the Unique foreign money from the financial institution (assuming banks will present verified notes to the patron).
However then it is actually troublesome and inconvenient to swipe your visa card each time you store or eat or journey.
Know-how in Rescue…
Know-how is all about making our each day life simple and secured. We use credit score/debit card simply to keep away from transaction with money. Now let’s everyone begin utilizing revolutionary CashCard to assist our nation develop sturdy and strong and on the identical it would ease our life too.
CashCard is much like our credit score/debit card however the distinction lies within the content material of the cardboard. This card ‘shops’ the quantity; therefore has a price of its personal. We can use this card on POS which is not going to be related to any Mainframe community. How can know-how help make POS attain each nook of the world? How can everyone begin utilizing CashCard for transaction? Will we at all times want a cellphone/web cable to make a transaction through card? Not likely. A customized POS machine can do that for us. The job of this POS machine is to learn the info current in a CashCard and deduct the quantity charged from the cardboard. On the finish of the entire course of, POS saves the quantity in its detachable information card. The quantity current within the information card of POS is the entire income generated on the finish of the day.
On the finish of the day or week, Service provider submits this reminiscence card to the closest financial institution department or any approved outlet to gather his money with none expenses. Sure there should not be expenses for a redeeming the info card, which is selling protected and safe transaction. Charging small retailers for petty transaction can hamper the expansion of this know-how.
So all we want in a CashCard reader machine (A less complicated model of POS) is reminiscence card reader and a reminiscence card, which ought to make the price of this POS actually inexpensive. The development in know-how and enterprise mannequin used will make it price efficient, so that each small transaction can be possible by means of POS. Making the POS wi-fi or for that matter away from any sort of community will make it possible to be carried in public transport and distant areas too.
The CashCard will include the quantity you maintain in it and your safety PIN. The primary time we’re issued this card by financial institution, we can be requested to pick the PIN we want as safety password. The PIN is definitely saved within the card itself in an encrypted format. The second we swipe/insert this card in a POS, the machine will learn the quantity current within the CashCard when you enter the right PIN. That is one thing much like viewing pictures from the info card of your Digital digital camera. The numbers current within the card will signify the quantity in it and the particular characters will signify PIN. Once we enter PIN, software program current within the POS will convert the punched in numbers to an encrypted format which can tallied with the particular char within the card, therefore authenticating your card with out being within the community. Subsequent you enter the quantity you could pay for transaction, which can be added to the info card of POS and deducted out of your CashCard. In the end the POS proprietor can get his reminiscence card redeemed both in an ATM or the closest financial institution accessible. This can full the entire transaction. Your card itself acts because the server for this know-how. If you find yourself out of money in your CashCard, all you could do is go to an ATM and recharge your card with the money current in your saving/present account. The cardboard will also be recharged on-line or through the use of your cellular banking function.
Think about the consolation achieved by means of this, no extra fights in fetching the proper change to pay-off your payments, no worries of dropping your money as the cardboard is PIN protected, all of the options which we get from our debit/bank card at the moment will be integrated on this card in a a lot safe method and positively we will lower down on forfeiting of foreign money.
Benefits of this Know-how:
There are lots of benefits of this know-how aside from safeguarding our foreign money. VAT, which was levied a while again can be extra clear now. Because the POS can be issued to a service provider based mostly UID or PAN card. Therefore authorities. can maintain observe of the income generated by an individual throughout a specific yr. Gathering taxes can be simpler.
Benefits of this know-how will be immense, not solely in city location however in rural areas too. We are able to use these playing cards to purchase our film/bus/prepare tickets on the transfer; in actual fact paying to our closest grocery/ auto rickshaw fare through card is greatest consolation I can consider. In rural areas, the place because of Monetary Exclusion the penetration of banking providers is sort of negligible; this CashCard could make an enormous distinction for the poor. Farmers can get their mortgage quantity on this card and will pay for his or her medical, insurance coverage and different bills utilizing this card itself in an ATM, whereas they will maintain their saving account in a distant metropolis department. All banks must do push Monetary Inclusion by both opening small retailers/ATMs in distant areas which can present recharging and different banking amenities utilizing this know-how.
Actually we can’t change using exhausting foreign money, however by incorporating foreign money detector inside ATMs it may be managed.
Enterprise Mannequin for the Financial institution:
If banks cost a small annual upkeep/issuance charge to buyer, it ought to suffice the bills made by financial institution in implementing this know-how. The income generated by these annual expenses in long run can definitely be of first rate revenue for the banks.
To make our financial system strong, we have to curb foreign money forfeiting. Know-how can contribute to this by revolutionary CashCard and customised POS. This can make transactions protected and comfy.