August 24, 2021
September 12, 2013
March 31, 2009
New Delhi, 02 December, 2015: Nucleus Software, the leading provider of lending and transaction banking solutions to the global financial services industry, today announced the launch of PaySe™, world’s first 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.
“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.” said Mr. Vishnu R Dusad, CEO, Nucleus Software.
The PaySe™ solution consists of three key components:
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:
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™.
Sunil Kumar Singh / Kiran Hans Khowal
Finese PR
Email: nucleus@finesepr.com