Cashless transactions

Cashless transactions

• 1.
  No need forCell Phone Suitable for Rural folks
• 2.
    Buy itfrom any bank or Post Office.  Link to the Aadhar Card at the point of purchase  No ‘expiry date’ for usage  A registerd Aadhar Pin works every time.  No need to set new PIN whenever card is purchased.  Bills even to the last paisa can be settled without the hassles of minor denominations Use & throw prepaid cards
• 3.
    Anyone canbuy having Aadhar number  No need to have mobile phone or android applications  When stolen others cannot use the cash balance  Possibility of transferring unused amount to carry forward in the next purchase.  Aadhar portal can support PIN change, Transaction history and balance on the card.  POS machine produces instant printed receipts. Advantages of prepaid card
• 4.
    Why notmake rechargeable cards?  Reachargeable cards need unique identification number which the consumer may find it difficult as one more number to remember. Moreover Use-n- Throw cards are already in vogue like telecards and gift cards by Corporates and Banks.  How Aadhar card is linked?  At the time of purchase, Bank or Post Office links your Aadhar number to the card denomination you buy. The Aadhar Portal already facilitates individuals to change the personal details. In addition they need to facilitate registering a PIN for cashless transaction. Once the Bank enters and activates card with the Adhar number, the corresponding PIN will become functional. Frequently asked Questions
• 5.
    Do youmean without Aadhar number the card is not functional?  Yes. At the time of purchase a chalan is filled with Aadhar number and denomination required. Only after the Bank( or Post Office) activates the card by entering the Aadhar number it acquires currency.  What if the Card is lost?  Nothing is lost as it can not be used by others since PIN is not known. The unused balance is verified by the Bank and can be transferred to another card.  What if someone does not have Aadhar number?  Let them continue with cash transaction. At least implement with those who have Aadhar Card. Frequently asked Questions
• 6.
   Is itpossible to fake the prepaid cards?  The software for Financial and Banking sector has several levels of in built security and encryption to deal with such a possibility.  What about POS machines?  These card reading machines are very affordable and available for less than Rs 5000 and all one needs is a SIM –GPRS and Bank account to be linked. Once the bill amount is deducted from the consumer’s card it gets credited to the bank account of the vendor.  What are the transction charges?  At the time of purchase, 0.5% of card value should be collected and the vendor should not be burdened with 2% charges as the popular credit cards or debit cards do. This will greatly enhance the vendors’ acceptance as he has nothing to lose in the entire transaction. Frequently asked Questions
• 7.
    For India,with 70 % people in non urban areas, we should device methods that will encourage integration of technology with novel concepts.  Though mobile phones have invaded common man’s life, still people are apprehensive to use it for financial transactions.  Till such a time the next generation matures to use them we need a system makes it happen the Cashless Concept.  PREPAID CARDS CAN PLAY A BIG ROLE IN THIS THANK YOU Cashless: make it user friendly