You may soon be able to withdraw money without ATM
PaySe is likely to address the challenges faced by banks and micro finance institutions in making basic banking services accessible to the unbanked.
The technology would help banks provide efficient services for financial inclusion.
This solution comprises of three components:
* Pay Se processing system (a platform that digitises cash)
*Palm-ATM (a bank teller application allowing smartphone to perform functions of an ATM including the ability to withdraw and deposit)
* ‘Purse’ (a mobile device to carry digital money)
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.
The digital platform allows transaction history to be captured and allow banks to analyse data and provide loan products to unbanked.
PaySe comes across at different price points. While the consumer purse is being launched at RS 1,000/-, the merchant purse is being launched at Rs 2,000/-.
All the mobile wallet providers can use the PaySe platform to provide offline solutions.