Banking Sector

Introduction

Innovation and convenience has made the concepts of visiting a bank and carrying huge cash redundant. Increased IT enablement in the banking industry, such as deployment of ATMs and tying up with merchant outlets, plastic money is becoming the new de-facto standard for transaction.

Added to this there is an emphasis from the Government to reduce the circulation of paper money as it is expensive to print and maintain, while plastic money or e-funds have no such disadvantages.

Situation Analysis

An enabler to this is the availability and use of credit card/debit card terminals for financial transactions at all possible outlets.

Currently the limitations are

• Terminals available only in places that have high transaction values and volumes.
• Low usage of cards due to non-availability of transaction terminals for small transaction/ticket value outlets.
• Merchants' reluctance to have Terminals due to high terminal rentals and high transaction fee.

High Level Solution

The VISIONTEK ePOS 91 is India's first and only EMV (Europay, MasterCard and VISA) Level 1 and 2 and PCI PED certified indigenously developed terminal.

The Terminal can be deployed at any location in various terrains across diverse environmental conditions.

A Software Development Kit (SDK) enables the switch provider/transaction processor to provide value added services such as prepaid e-vouchers for mobile phone airtime, satellite TV, collection of postpaid bills of various utilities and even bus and train ticketing.

Bottom Line

The growth in the usage of plastic money is supported by the versatile VISIONTEK transaction terminals, where the bank, the merchant outlet, and the consumer, everyone wins.

The VISIONTEK Advantage

• Better Revenue Realization
• Consume less time than pure cash based transactions
• Data visibility at all levels with administrative controls
• Easy to maintain, fast, and fool proof
• Efficient tackling of last mile operational issues
• Increased and improved customer reach
• Low cost of ownership, and overhead costs
• Minimize administrative and transaction cost
• Online process prevents mismanagement on the field
• Print receipt for beneficiary with transaction details
• Secure transactions using biometric authentication
• Significantly reduce turnaround time
• Supports both online and offline transactions
• Track executive activity
• Transactions updated real time on the central server