Wednesday, December 21, 2016

Cheapest Solution Yet For A Country to Go Cashless

Smart card wallets communicating

We have dwelt at length on the currency crisis in India here and here.

Now let's move on to the solution. The Government is working on a cash transfer system based on Unique Identification Number (Aadhar). Great.

In the mean time, here's another concept for an alternative for those people who cannot afford a smart phone and therefore, an e-wallet. It's the Smart card wallet.

The Smart card wallet

The Smart card wallet is similar to a smart credit card. It is able to transmit data in a small range of 1 m. This is all the range that is needed in daily transactions in the store, hotel, pubic transport etc.


  • There are the numerals 0 - 9 on one side with special characters, as in a touch pad calculator.
  • It has a solar self charging surface. Or we can also use a piezo electric charger.
  • It has a mini blue tooth (or other transmitter/receiver) of range 1 metre
  • Each card has a unique identification number.
  • Each card is connected to the bank account of the person. The person must transfer money from his/bank account to the Card wallet (by online banking/ ATM/bank branches).


Sending money

The transacting parties switch on their card wallets to transmitting/receiving mode. The sender types the receiver's unique number and the amount into his wallet, and presses send.

The e-cash lands in the receiver's Smart card wallet.

Receiving money into bank account

The receiver can do this in the same way as transferring cash from his/her bank account (by online banking/ ATM/bank branches).

In addition, the smart wallet can be made compatible with all existing payment systems. e-wallets etc.

Precautions

One has to take care of the smart wallet in the same way as cash wallet, to prevent theft. But this can also be prevented with a locking code.

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