Nucleus Software, a lending and transaction banking solutions, has launched PaySe, a digital cash solution designed and created to democratise money, offline, on Wednesday (02 December).
According to the company, PaySe is world’s first offline mode of transaction which uses NFC and Bluetooth with an in-built PaySe chip.
It helps to reduce and offset the costs associated with cash by replacing physical cash notes with digital currency, the company said.
A recent report by National Institute for Bank Management and Institute for business in the global context showed that the total cost of storing, transporting and processing cash is Rs 22,000 crore annually.
It has been designed to mimic cash transactions with easy to use, one press ‘Pay’ and ‘Receive’ functions.
“We had a vision of making Rs 100 loans possible and profitable. Conceptualised and patented in India, PaySe is developed with a vision to make a daily loan possible for people that are less fortunate,” said, Vishnu R Dusad, CEO, Nucleus Software.
PaySe processing system is the interface between the real world and the digital world in accordance with the regulatory guidelines. The application allows any smart phone to perform the functions of a conventional ATM including the ability to withdraw and deposit.
It will help in addressing the access challenges faced by banks, micro finance institutions (MFIs) and non banking finance companies (NBFCs) by making basic banking services accessible to the unbanked such as direct debit transfers (DBT), micro pension, saving deposits, loans, recurring deposits etc, said the company.
It enables offline digital cash and digital banking access to millions of global citizens who do not own a mobile phone by delivering a mobile to carry money. It empowers a billion ATMs by leveraging the power of a smart phone and the banking infrastructure using industry standard messaging.
BW Reporters
Haider Ali Khan is an alumnus of IIMC. He holds a degree in English Journalism from the prestigious campus. His passion includes Aviation, Technology, Politics and Sports.
