Nucleus Launches Offline Digital Cash Solution in India
Adding another tool to push the Indian economy from cash to digital, Bombay Stock Exchange-listed banking and financial solutions company Nucleus Software Exports Ltd on Wednesday launched an offline digital cash solution technology, PaySe.
PaySe is a technology-build on the concept of crypto currency, primarily tokenization to deliver offline peer-to-peer payment solutions. The company claims it will reduce costs associated with cash by replacing physical notes with digital currency.
According to a report by the National Institute of Bank Management and Institute for business in the global context the total cost of storing, transporting and processing cash is Rs.22,000 crore annually.
The company is in talks with banks, microfinance institutions (MFIs), non-banking financial institutions (NBFCs) and the licence winners of small finance banks for integration and distribution of the devices.
The personal identification number-enabled device, called Purse, which looks like a sleek calculator of the size of a debit card, though five times thicker, has been developed by the company. The partner companies will be responsible for white labelling and distribution of the product.
The cost of consumer Purse will be Rs.1000 while that of a merchant will be Rs.2000 according to Ashutosh Pande, founder and chief innovation officer, PaySe. It will be up to the distributing companies who can subsidise to save on the cost of cash movement.