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Press Release

Nucleus Software launches PaySe™ (पैसे) to drive Democratization of money

December 2, 2015 | Press Release

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:

  1. PaySe™ Processing System, is the interface between the real world and the digital world in accordance with the regulatory guidelines
  2. PalmATM ™ application allows any smart phone to perform the functions of a conventional ATM including the ability to withdraw and deposit
  3. PURSE ™( पर्स) is a mobile to carry digital money. PURSE™ is designed to pay or receive digital cash

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:

  • - PaySe™ enables offline digital cash and digital banking access to millions of global citizens who do not own  a mobile phone by delivering a mobile to carry money;
  • - PaySe™ empowers a billion ATMs by leveraging the power of a smart phone and the banking infrastructure using industry standard messaging; and
  • - PaySe™ reduces the cost of cash by digitizing money

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™.


About Nucleus Software

Nucleus Software Exports Ltd. is a publicly traded (BSE: 531209, NSE: NUCLEUS), software product company that provides lending and transaction banking products to global financial leaders.

Nucleus Software powers the operations of more than 200 Financial Institutions in over 50 countries, supporting retail lending, corporate banking, cash management, mobile and internet banking, automotive finance and other business areas. Its products facilitate more than 26 million transactions each day, managing over US $ 500 billion of loans and enabling more than 500,000 users logging in daily.

Nucleus Software’s flagship products, built on the latest technology are:
  • FinnOne NEOTM : The next-generation digital lending solution that is built on an advanced technology platform.
  • FinnAxiaTM : An integrated global transaction banking solution used by banks worldwide.
  • PaySeTM : The world’s first online & offline digital payment solution created with an aim to democratize money.
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For Media related information, please contact:

Sunil Kumar Singh / Kiran Hans Khowal

Finese PR

Phone: +91-9818363518 | +91-8375969143