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Imagine a world where you don’t have to worry about running short of cash every time you pick up your breakfast cereal from the neighbourhood grocery or fret about change while getting a cup of coffee!
A cashless world is no longer a theory at the Indian Institute of Technology-Bombay (IIT-B). Thanks to a novel initiative, shopping here is all about a tap on their mobile phones.
The “virtual wallet” is a pilot project launched by ItzCash, Rupay and Canara Bank. “A person just has to use a ‘tag’ on any personal belonging like a mobile phone or an ID card and make payments at shops in the campus through it,” said Vaibhav S. Joshi, Head, Government Business, ItzCash.
About 2,000 students are using this cashless card initiative since its launch in September last year. “This is the first time that we have introduced the system in an educational institution. We aim to extend it to 4,000 students in the next few months,” Joshi added.
ItzCash plans to expand the cashless card system to other IITs and corporate campuses soon.
There are three active reloading spots and 35 stores enabled with this technology at the IIT-B campus. Through this system, students can, among other things, make day-to-day purchases, such as books and stationeries, and settle canteen bills.
The tech in use
The technology used is near field communication (NFC), where devices establish radio communication with each other by touch or bringing them into close proximity.
Countries such as Germany, Austria, Finland, New Zealand and Italy have tested NFC in ticketing systems for public transport, while China has implemented it in bus services across the country. Still at a nascent stage in India, NFC technology is now being explored as a new medium of transaction, which may gradually eliminate the usage of smaller currencies.
It costs the Government nearly a rupee to print a currency note of Rs 10 denomination and Rs 1.79 to make a Rs 100 note, according to information provided by the Reserve Bank of India.
Challenges
The pilot project at IIT-B campus has had some teething issues in setting up a smooth transaction process. “Enabling device and application readiness and handholding merchants to move to this new automated system were some of the initial challenges that we faced,” Joshi said.
>nivedita.ganguly@thehindu.co.in
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