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India's new PaySe solution 'empowers a billion ATMs'

Developer Nucleus Software says that PaySe leverages mobility, big data, open-source programming and cryptocurrency to deliver secure offline P2P capability.

December 3, 2015

Nucleus Software, a provider of lending and transaction banking solutions, has announced the launch of PaySe, an offline digital cash solution.

According to a press release, PaySe leverages advances in mobility, big data, open source programming and cryptocurrency (primarily tokenization) to deliver the world's first secure offline peer-to-peer payment solution.

PaySe aims 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 decline dramatically, the company said.

PaySe was designed to mimic the ease of cash transactions with one-touch pay and receive functions. The solution has three key components.

• a processing interface between the real world and the digital world;
• PalmATM, a solution that allows any smart phone to perform the functions of a conventional ATM, including the ability to make withdrawals and deposits; and
• Purse, a mobile device that is designed to pay or receive digital cash.

PaySe said that it makes basic banking services accessible to the unbanked while delivering services such as:

• offline digital cash and digital banking access to global citizens who do not own a mobile phone by delivering a mobile to carry money;
• "empowers a billion ATMs" by leveraging the power of a smartphone and the banking infrastructure through text messaging; and
• reduces the cost of cash by digitizing money.

According to the release, PaySe benefits all parties in a transaction:

• For consumers, it improves access to banking and insurance products by digitizing money;
• For merchants, it delivers the convenience of card transactions while retaining its full value, just like cash;
• For banks, it extends services to the unbanked through PalmATM.