Unique ID (UID) for India, inclusive Banking, thanks to mobile-VAS
In my previous post on the recently concluded Mobile India 2010 event, I had mentioned that Integra Micro Software Services was the second runners up. Their product was an ICT based Rural Banking enabler which permitted the use of Smart-cards and biometrics (fingerprint) based authentication for such a service, which permitted Banking transactions s.a. operating a Saving-Bank Account, to deposit or withdraw money. Such services were facilitated by a trusted intermediary/operator, who physically disburses cash, or collects deposited cash, there-by acting as a semi-ATM.
Their award couldn’t have come at a more opportune time, as Mr.Nandan Nilenkani seems to be very keen to enable Micro-payments, for the rural unbanked, under the ambit of the UID (Universal ID) project, as per this article. While there is definitely a strong logical relationship, between the UID project and Rural-banking project, and is definitely a very positive move, I am amazed at the similarity in terms of procedures adapted, pieces of technology suggested, when you compare with with Integra Micro has done, or are doing.
Quoting Mr.Nilenkani:
“This will create a whole new paradigm in the financial inclusion process. What we propose is really creating, in effect, a low cost, high volume equivalent of an ATM network. This device will be based on a mobile phone connection and would be made available at every BC. Customers would just have to get their identity authenticated and withdraw or put money into their bank accounts. This money will not come from the ATM, but from the cash drawer of the BC.”
This is a tremendous opportunity for people like Integra Micro, but what remains to be seen, and will be interesting is how the UID’s approach to the secure, unique ID, and that already chosen and implemented by Integra Micro, or some of its competitors match. I believe it shall be imperative, for such companies to adopt the UID’s technology of choice. Integra Micro is well placed because it’s approach to the unique and secure customer identification in form of Smart-card and biometrics (fingerprint technology), are much in line with the initial messages coming out of the UID camp. Way to go.
