Nucleus Software launches PaySe to drive Democratization of money
New Delhi, India, December 3, 2015: Nucleus Software has announced the launch of PaySe, offline digital cash solution designed and created with an aim to democratize money.
PaySe utilizes the latest advances in mobility, big data, open source and crypto currency (primarily tokenization) to deliver the world’s first secure offline peer to peer payment solution. PaySe helps to reduce and offset the costs associated with cash by replacing physical cash notes with digital currency. With fewer notes in circulation, the cost of storing, transporting and processing cash will reduce dramatically.
A recent report by ‘National Institute for Bank Management’ and ‘Institute for business in the global context’ on ‘Cost of Cash in India’, showed that the total cost of storing, transporting and processing cash is 22,000 crore INR annually. This cost will only increase as the economy grows unless alternative approaches are used.
As consumers have deeply ingrained approaches to using cash, PaySe has been designed to mimic cash transactions with easy to use, one press ‘Pay’ and ‘Receive’ functions. PaySe will result in a “Less Cash” ecosystem eventually leading to a “Cash-Less” ecosystem for the majority of the financial transactions. By freeing up cash, the solution will facilitate the cost effective delivery of small loans.
Vishnu R Dusad, CEO of Nucleus Software, said, “As leaders in lending solutions, we had a vision of making 100 Rupee loans possible and profitable. Conceptualized and patented in India, PaySe is developed with a vision to make a daily loan possible for people that are less fortunate.”
The PaySe solution consists of three key components:
- PaySe Processing System, is the interface between the real world and the digital world in accordance with the regulatory guidelines
- PalmATM application allows any smart phone to perform the functions of a conventional ATM including the ability to withdraw and deposit
- PURSE is a mobile to carry digital money. PURSE is designed to pay or receive digital cash
PaySe helps address 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. while delivering financial services such as:
- PaySe 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;
- PaySe empowers a billion ATMs by leveraging the power of a smart phone and the banking infrastructure using industry standard messaging; and
- PaySe reduces the cost of cash by digitizing money
Speaking at the launch Mr. Ashutosh Pande, Founder and Chief Innovation Officer, PaySe said, “PaySe has been developed to address the requirements of citizens at the bottom of the pyramid. Not only does it have the capability to facilitate online withdrawals and deposits but also enables completely offline usage like cash. PaySe will revolutionize the way money is saved, carried and spent. With PURSE™, a mobile to carry money, and PalmATM a bank teller application we have delivered the essentials to democratize money.” He further added that, “Democratization of communication drove velocity of information and democratization of money will drive the velocity of cash.”
PaySe provides a fully integrated and easy to use digital cash platform for consumers, merchants and banks while adhering to the regulatory guidelines.
For consumers, PaySe improves access to banking and insurance products by digitizing money.
For merchants, PaySe delivers the convenience of card transactions while retaining its full value like cash.
For banks, in addition to direct benefit transfer (DBT) and micro pension transfers, PaySe makes other banking services accessible to the unbanked beneficiaries through the PalmATM.
© Technuter.com News Service
