Mobile to Mobile Secure Offline Payments solution presented to Jury
PaySeâ„¢, worldâ€™s first digital cash solution was adjudged a winner in the Payments System Innovation Contest for its entry Democratizing Cash.Â Dy. Governor H.R Khan awarded the Nucleus Team for its position amongst the top 3 out of 12 finalists and 115 entries received by the RBIâ€™s Payment System Innovation Contest at an event in Hyderabad on Friday, 24th June 2016. The contest, organised by the Institute for Development and Research in Banking Technology (IDRBT), a wholly owned subsidiary of the Reserve Bank, was aimed at promoting innovation in the area of Payment and Settlement System. RBI announced the call for applications in December 2015 and received a tremendous response which was filtered down to 115 nominations. The applicants involved various individuals, groups, companies including start-ups and others from the financial sector. There were five categories naming, Payment security including fraud prevention; Customer convenience and cost reduction; Mobile payments; Acceptance / electronic payment infrastructure; Use of emerging technologies for payments.
Speaking on the win, Ashutosh Pande, Founder & Chief Innovation Officer of PaySeâ„¢, commented, â€œWe have built PaySe to disrupt the payment landscape and make peer to peer digital transactions as easy and effective as cash. Our patent pending offline payment architecture is revolutionary and delivers on our vision of democratizing cash in the same way as MP3 democratized music. This event is a reflection of the government openness towards engaging with technological innovators to make the payment sector better and bring an end to the woes of cost of cash in India.. The award is dedicated to Team PaySe that has worked tirelessly to deliver on our visionâ€.
PaySe has recently successfully concluded its pilot in Rewari to address the key operational challenges of a Micro finance Business as stated below.
- High cost of cash primarily due to loan repayment collection in cash
- Risk of cash in Transit
- Low Productivity of the field executives, due to logistics involved in cash
- Reconciliation of cash
- Revenue loss due to counterfeit currency notes collected during cash repayment
- Personal safety
The pilot envisioned that an MFI by bringing PaySeâ„¢ can significantly overcome these challenges by bringing E-Money and by eliminating the need for cash collection by field executives.