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PaySe, our new transaction tech, will make ATMs redundant: Vishnu R Dusad, Nucleus Software

January 11, 2016 | The Economic Times

Source - http://articles.economictimes.indiatimes.com/2016-01-11/news/69678862_1_vishnu-r-dusad-atms-nucleus-software

In an interview with ET Now, Vishnu R Dusad, CEO, Nucleus Software, talks about the firms new payment solution. Excerpts:

ET Now: What is your view on financial inclusion through digitisation? How do you see this theme moving ahead from here?

Vishnu R Dusad: Nucleus Software is certainly certainly moving in the right direction. A technology has been created in Sweden which would help banks take out hundreds of thousands of ATMs.

We will, however, have to keep it in mind that our ATM penetration ratio is very low. There are just 18 ATMsfor 100,000 people, as against 180 in Russia for the same numbers. So, I think we are going to leapfrog to a futuristic banking mode just as we did from landlines phones to digital ones.


There is every likelihood that we won't have to set up more ATMs. Over the next seven to ten years, we will be slowly moving in the direction of what Sweden has done. We have created a technology which helps execute peer-to-peer payments offline.


In India, internet penetration still leaves much to be desired. Power supply too is full of snags. So in a country like ours, we need systems that can function smoothly even without power or internet network. Our device helps you keep making payments over six months without recharge. Besides, there is no need for any network for operating it.


This is a world-class innovation from India. When we announced this early last month, a US site equated this to creating a billion ATMs in India. Using this is as simple as can be — you just need to have a smartphone to withdraw money on to your purse, and then take this purse anywhere and everywhere. You will be able to transact with anybody and everybody who has a similar device.


ET Now: You are in talks with banks, MFIs, NBFCs and small finance banks already. What is the plan as of now?

Vishnu R Dusad: Discussions so far have been extremely encouraging. Our existing customers have appreciated the likely impact of this technology. Some of them have flagged interest in doing pilots. Talks with our prospective customers are also progressing reasonably well.

We are eyeing a pilot project in one single village first. The procedure will be completely cashless, and of course, the cost would be minimal. Once the pilot is successful, we then intend to take it to a few more villages. Then we will move to cover a complete tehsil. We want to make the tehsil so, that none would be required to carry physical currency notes or coins; they would be able to manage their transactions with just cards or our device.


They would be able to get direct benefit transfers, besides being able to carry out payments to one another. This process is going to take anywhere between three to five years. The initial pilots, however, will be started very soon.


We are reasonably confident that once the pilot is successful in a village and then in a tehsil, we will follow it up with an entire district. Then we would go forward from there, and eye a state-wide rollout. In due time, we believe this technology will cover the entire country.