A lot of time ago, I trapped an early morning air travel to Mumbai. On getting the destination I noticed I had absolutely no money on me. Of course, with a pocket packed with debit and credit cards I was not worried. A local lender had its ATM just outside the arrival lounge. I had no marriage with that bank but I didn’t let that bother me. I was just looking for the familiar two circle emblem or the white in cui. I easily withdrew the amount I needed. A piece of plastic experienced a branch in where I was going as long as a Master-Card or a Visa CREDIT existed.
So what was your magic that permit a bank which would not know me from Adam to permit me to withdraw cash from their ATM? card aadhar
The concept is pretty simple. A worldwide network that allowed the ATM approach the international network in split mere seconds, which in turn talked to my bank network that approved/rejected most desires in split seconds. Being a consumer I did not even recognize that the data embedded in my simple request to withdraw cash went all the way across the oceans and came back. I just withdrew my cash and went about my work. Actually with the arrival of smart cards, technology is going one step further. In a start experiment carried out at two university campuses in the country a smart card-based payment system was used to pay for from soaps to cigs to books to educational costs fees as well as to record attendance, control entry in restricted areas, etc., marking quite a few concepts such as currency and access greeting cards redundant.
Beauty of the second wave of card technology is that the intricate technology in the back-end will not impose any knowledge requirement on the consumer who can be technology illiterate. This is what causes it to be particularly suitable to a rustic like India which has a sizable illiterate or semi-illiterate population and a lack of a common language across the country.
Banks are starting to interact to make life simpler for you(and of course to make monies for themselves). The ATM is employed not merely for withdrawing or depositing cash but in addition for refilling your prepaid wireless mobile connection or to transact on your common fund/investment accounts or to login your request other bank offerings such as loans, bonds, and so forth Other offerings like stock prices cricket credit score, locally relevant offers such as discounts on local shopping or eating articulations, cinema tickets, etc. which are currently an originality, are likely to end up being the tradition in the vouchers, track and air tickets, and so forth. being actually dispensed by the ATM rather than only cash.
There is already talk of a smart card that can act as a citizen recognition cards cum voter ID orgasm ration card cum individuals license cum electronic finances cum a personal/medical data and transaction bank that can be universally used to meet numerous of personal requirements. You need to complete an app form? Flash your cards and the form can be submitted on range. You met with an accident and helping you? Your smart card can save your daily life by telling people who you are, your health background and possible by spending money on your bill completely electronically.