Idea Name: |
D & A |
Slogan: |
Cashless Payment, Fits the Bills |
Supervisor Name: |
Dr Ayesha Abrar |
Supervisor Designation: |
Assistant Professor/ Director LQEC |
Supervisor School: |
NBS |
Supervisor Department: |
Management and HR |
Contact number: |
0333-9198141 |
Email ID: |
[email protected] |
Abstract: |
We aim to provide our society with a payment option that is more efficient, secure, and easy. Using NFC RFID technology, users will just tap their card on the reader to complete a transaction. This would remove the need to visit an ATM, carry cash, or have an internet connection to make a payment. The digital card will be utilised by consumers to move payments directly from banks to their wallets. |
What is the unmet need in society that your idea will fulfill ? |
Carrying many cards, cash, and coins is inconvenient and can be lost or stolen. Furthermore, having to rush to an ATM every time cash is needed, or having internet connectivity to make purchases, is tedious and inefficient. Society requires a product that is convenient, dependable, and secure. |
Who needs it ? How many would benefit ? |
People aged 18 to 50 will utilise our service. This service will be used by tech savvy, university students, and office workers. Retailers would require our product to add value to their processes. Initially, NUST, H-12 will benefit from this service, will be expanded to bring ease to Pakistanis |
How will the solution works |
We will use NFC RFID technology. NFC RFID is Radio Frequency Identification, a contactless Near Field wireles Communication. It requires an RFID reader (for the vendors) and an RFID tag, a paper-thin chip attached to the student ID. When ID is brought close to reader, the connection is through induction coupling. Reader reads the stored information from tag i.e. account details ( student registration ID) and requires a host system application for data collection, transaction, and verification. |
Who are your competitors ? How is your solution different |
Financial institutions,with their mobile payment apps and ATM will be our big competitors. However, these methods of payment require either internet access or proximity to an ATM. Users will be able to make instantaneous purchases using our service without worrying about finding an ATM or connection |
Status: |
new |
Entry Date & Time: |
2022-12-30 (1106) |