Nucleus Software launched the world's first offline digital cash solutions - PaySe - this year and MD & CEO Vishnu R Dusad says this system will connect rural areas for e-payments.
Nucleus Software launched the world's first offline digital cash solutions - PaySe this year.
Speaking to CNBC-TV18, Vishnu R Dusad, MD & CEO of Nucleus Software said that Nucleus has developed this system to connect rural areas for e-payments.
He further said that the company is a technology service provider to banks for last 30 years.
Below is the verbatim transcript of Vishnu R Dusad's interview to Latha Venkatesh, Sonia Shenoy & Anuj Singhal.
Sonia: It is companies like yours that can benefit from demonetisation. Tell us about this offline digital cash solution system and how it can help a company like yours in terms of revenue growth etc in the near future?
A: This particular solution has been developed keeping the ground situation at the back of our mind that we do not have connectivity in a lot of rural areas and even if it is there it is sporadic especially in rural areas and semi-urban areas the solution that we need to have, have to take this fact into account and that's how we have developed world's first offline payment solution and we now feel that with this demonetisation we should be able to offer a meaningful solution to the society.
Latha: Can you describe our product?
A: We create crypto coins or electronic coins on a device and these coins can be downloaded from your bank account via, as we call, Palm ATM, which is a smart phone. Once coins are downloaded either on your device or on your card, we call PaySe card or the device is call Purse, once coins are downloaded on Purse or on PaySe card then it is as good as cash and then you can transact with others who have a similar device and you can use your card to make the payment.
However, to draw an analogy this card though it is quite away from a typical debit card or a credit card in terms of its functioning, in fact this is completely away but it is somewhat similar that on the card you have the money and the devise that we have Purse is like a point of sale (POS) and the transaction can take place between these two devices.
Latha: Do you sell this product or do the banks sell this product for you?
A: We work with the banks and that is how this is going to work. We are technology service provider and that is what we have been doing for the last 30 years and our business model remains the same.