Product Description
ZERO Platform : A low cost Branchless Banking solution using a mobile phone
Month/Year of Release 2008
Inventor ALW (A Little World)
Source Credits The Economic Times
Estimated Cost Rs. 30,000
Problem Domain Banking in Rural areas
Objectives
To create an affordable banking solution to enable penetration of banking in rural areas and increase usage of electronic commerce in rural areas.
Challenges
- Security and reliability of transactions.
- Availability of mobile coverage in rural areas.
- Lack of continuous power in rural areas.
Description
The product developed by ALW is essentially a Bank branch contained within a Mobile Phone. The whole solution comprises of the following :
- A mobile phone with good memory to store up to 50000 customer records (fingerprint templates, photographs etc), encryption based security and bluetooth connectivity.
- A printer-cum-fingerprint scanning machine with bluetooth connectivity
- A cash box to store upto Rs. 1,00,000.
- A high resolution camera with bluetooth connectivity
The mobile device talks to the peripheral devices like scanners and camera via bluetooth for authentication purposes. The mobile devices talk to the ALW servers via EDGE or GPRS over a secure connection, which, in turn talk to the core banking servers of the client bank. The solution offers facilities like depositing money, withdrawing money, electronic money transfer, crediting of pension money, insurance premium payments, depositing of National Rural Employment Guarantee Scheme (NREGS) wages and mobile recharge payments.
Photographs/Diagrams
None yet
Business Model
ALW gets paid for providing the infrastructure services while ALW's clients like Zero Mass, which actually provide banking in rural areas on behalf of client banks, gets paid on a per transaction basis.
Related Information
[1] Features of ZERO
To Be Documented (TBDs)
- Cost incurred by customer for using the service
- Security Threat model and mitigations
- Photographs/Designs
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