Mangaluru: Five students of the National Institute of Technology – Karnataka (NITK) in Surathkal have done something unique due to demonetisation.
‘Change Pay’ is a novel initiative introduced that has helped 6,500-plus people including students and faculty purchase using a ‘Cash-less’, ‘Card-less’ and ‘Mobile-less’ payment system which is both buyer and seller-friendly.
In fact, customers (buyers) need not carry any physical thing to initiate payment at sellers’ place, yet they can access their account almost anywhere they buy from! On the other hand, customers’ household expenditure as members can access a common account to pay their bills.
Change Pay has a 3-step authentication (PIN, Facial recognition, Biometrics) process to conclude the whole transaction in a secure environment, as against the existing facility, where only PIN is sufficient for transactions. The three-factor authentication process (for higher transaction) with a new masked biometrics authentication makes Change Pay a vault where one’s cash and details are safe.
Change Pay increases revenue for the government as each transaction is recorded. The system is fraud-free and taxation becomes more efficient. At the same time, it reduces the flow of black money in the marketplace, thus making millions for the government on a long run.
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