Sovereign digital currency : Cashless society even without connectivity


Eliminate ATM, debit card &  cash. New Digital  Wallet Card, the size of credit card enough.

Just as physical wallet can be used anywhere , without internet or SMS , Digital Wallet cards can do the same!



My vision:````
 1. Every bank issues free Wallet .a touch screen device. ( Digital Wallet Card= DWC)

2. Finger print opens . 2. Top row shows balance . Second row user inputs amount to remit. Third row the payee ID .

3. Transmit to payee DWC  with finger print.
3.1 Payee confirms with his finger print.
3.2 seeing confirmation, approve with finger print.
3.3 Option to create own 4digit PIN to pay provided.

 4. Literacy level reading 0 to 9 numbers only.

5. To avoid semi literates doing mistakes in entering payee digital ID
   5.1 NFC/ Bluetooth capability if both are in proximity
   5.2 provide for demand to be raised by payee, then  amount and ID will come to payer who needs to approve .
 6.0 International traveler, payment of foreign digital currency too can be built in. Passport documentation support too can be exchanged.

Design :
1. The device has data only SIM with 4G and SMS connectivity.

2. Opaque to user whether internet or SMS or BT is used.

 3. User ID is 10 digit mobile number of data SIM.

4.MAC ,IMEI SIM ID linked to account number along with finger print for v&v.

5. Keyboard on touch screen is numeric , no decimals. Only 0 to 9. All figures are integers, rounded off to nearest rupee.

6. The scripts used for internet banking run in background for SMS or internet connectivity , opaque to user.

7. Linux based dedicated use wallet just to work as simple wallet in classic sense. 8 Encryption security enforced in transmission.

8. Every one to have one payment account with this wallet given free by bank.

 9. No cash nor ATM nor POS needed but only the Digital Wallet.

10. Data used is free from any charge. 10. Device had one side solar charger and one face touchscreen input.

11 The battery drain practically occurs only at transaction time and briefly. The screen goes to sleep rest of time.

12 .1. The Digital Wallet Card is weather proof. No charging pin hole or any opening for water ingress.

12.2 If lost , not useful to finder , asked to return to nearest post office or drop in post box. The card remains bank property and gets returned as embossed on card. Reported as lost, gets blocked by servers.

Implementation:.

Nodal bank for every District organises multiple mobile KYC vans, covers village by village to ID , give pre programmed dedicated bank specific Digital Wallet Cards to every villager along with account in bank.
The servers of bank host these accounts with connectivity through 3g /4g or SMS
Village by village 100% are covered over one year.
A 65 yr old grandmother need not visit any more a bank for cash.

In addition to banks, Post Offices too roped in to issue Digital Wallet cards hosted on servers at town centers.

Off line mode:

The DWC carries the balance of cash in account as last synced and still can exchange cash through NFC , updating balances within themselves. As extended micro servers of a bank. But by going to post office with wired connection / Wi-Fi hot-spot and a small server, the Wallet gets synced with main server.

Disasters

When cell towers fail , if cash relief is to be granted by govt or relief agencies, a secure Digital Wallet Card of govt brought to site can transfer fund to the needy at site. All records get synced when connectivity restored.

Advantages: when entire nation is covered in two years thus, digital economy takes over.

No currency need to be printed or managed. All government payments too will be received in to govt owned departmental Digital wallet cards.

Entire digital money flow is strictly within banking system and RBI owned.

Nation saves on costs of creating and managing currency. Black, terror drug money eliminated. Additional costs to society in ATM or credit cards etc eliminated. 

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