Very Pleased and Excited to share the Winning of two Prestigious Awards viz. 1. Best Innovative Payment Solution of the year, and 2. Best Contactless Solution of the Year. These awards were conferred by the Leading Authority “Terrapinn” now called “Seamless” at Smart Card and Payment Awards Ceremony held at Armani Hotel, Burj Khalifa, Dubai.
Most Innovative Payment Solution:
The First Award for Best Innovation in Payment Solution is related to a Closed Loop Payment System where the Payment Token is used just as a Token to Identify the Account Holder/Owner and for that purpose any Mode that is secure can be linked with Purse (account) and can be used to make Payment Transactions. For Example: Today, all payment systems are tied to a Payment Method like Credit Card or a Mobile Wallet. The New Innovative Payment Architecture allows the separation of Funds/Wallet and the Payment Token making it possible to link Multiple Secure Methods of Payment. For example, you have a source of fund called Purse and you have a Smart Phone, a Smart Card, Secure ID card, or Even your Biometric Finger Print. Now all these methods of Identifications can be linked to your Purse giving you an unprecedented flexibility. You are no longer tied to a Card or a Mobile app provided or supplied by the Payment Service Provider. Instead, the new Payment System allows linking any of these Secure modes with your purse and use them. Further, Its a multi-tier Account. Which means, a single source of funds (Purse) can have multiple beneficiaries. So, you can allow your whole family to share a common purse where each member of the family can have his spending limits defined on his profile. Since all the accounts complies with KYC norms, implementation of any AML (anti Money Laundering) specific regulations is also easier.
Illustratively: Mr. A has a purse/Account which he funds every month with Rs.20,000 for the family’s usual expenses. He registers his wife to be able to use 50% of the funds using her RFID Key Chain, his Son to use 25% using his Smart Watch and his daughter to use 25% using her Smart Phone, he also allows the funds to be used by him to the full amount using his Smart Card. Now, the funds are monitored at the Top (account) level as well as at each Beneficiary level. So anytime, whenever the beneficiary reaches his limit, his/her token will not be accepted until next monthly cycle. If the account balance itself drops below the minimum limit (Floor Limit) then all payments on the account are suspended until the Account is again funded or the next Monthly cycle. The Purse can be managed online (Internet) or using a Mobile App, through a Customer Service Center. The Purse/Account can be topped up using cash from a Kiosks or through Netbanking.
Best Contactless Payment Solution:
The Second award was for a RFID (Radio Frequency Identification) based payment system. As more and more interactions are going Wireless/Contactless, this system allows a range of Contactless/RFID devices to communicate with a NFC/RFID/BLE Reader/Receiver which in turns can be linked to a Source of Funds to facilitate Authentication and Customer Verification using secure encrypted communication in a very Near Field range. The single Reading Device is capable to reading devices like a NFC enabled Mobile, Contactless SmartCards like MiFare, Smart Watches, RFID Tags and Keychains, UHF (long range) RFID stickers, Smart Wallets, Smart Passports, BLE tags, etc. Presently, the RFID Technology is widely used for Access Control, Inventory Management, Material Tracking, etc. The System extends the capability of an ID system to a Payments System that can be used for Paying for your purchases of Goods and Services. Since these are secure ID technologies, it can be easily linked with the Customer (KYC prerequisite) and link Loyalty programs, etc. with it.