why to carry more than one debit card

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Why to carry more than one debit card?:

Why to carry more than one debit card? Team/ Individual Name: Nagarajan K V Members of the team: Nagarajan K V Name of College and City: K.L.N College of Engineering, Madurai Course of specialization: B.E Computer Science and Engineering Year/ Batch: 2009-2013 College ID : 094112 Name of the Professor/ Placement officer involved in this project :

IDEA:

IDEA Debit card provides the cardholder electronic access to his or her bank account. It usually also allow for instant withdrawal of cash, acting as the ATM card for withdrawing cash. These days, the usage of debit cards have been increased and hence an individual has ended up carrying more than one payment card in his or her wallet. This idea focuses on issuing a general payment card to the individual whose Savings account from various banks can be integrated into this general payment card.

The Innovation:

The Innovation This idea can be implemented mainly in banking sectors where in debit cards are provided to the customers. General payment card scheme can be implemented using cloud technology. The main objective of this idea is to issue a general payment card to the individual whose Savings account from various banks can be integrated into this card. This approach is very useful since it avoids carrying number of debit cards. In this idea, each and every customer is provided with a general payment card on application by the government sector. All the banks are integrated to this sector. When a customer gets a general payment card, his/her accounts from various banks are integrated to this single card. This card holds the name of the customer, payment card number and pin number. The customer can make use of this card to access the ATM and withdraw money. Maximum Points: 10

Compelling need for the innovation:

Compelling need for the innovation In this modern world, the usage of debit cards have become very essential. A customer thus ends up carrying many debit cards. Salaries for employees are credited into their bank accounts directly. Employees also have personal savings account in different banks hence leading to many cards in hand. By implementing this idea, a customer carries a single payment card thus avoiding the misplacement and theft while carrying plenty of cards. When a customer owns many cards, he himself gets confused and in many occasions he misplaces his card and it is thus easily misused by strangers. A general payment card is issued by the government and all the banks are integrated to it. A general payment card server is maintained by the government and all other bank servers are linked to this general payment card server. Maximum Points: 20

Impact:

Impact This idea avoids various difficulties faced by the customers such as misuse and misplacement of debit cards. When a customer registers and owns a general payment card, all his bank accounts are linked to this card. A customer who has more number of accounts linked to the general payment card can be provided with special offers such as discounts at petrol bunk, theatres, malls etc. By giving such offers to the customers, they will be encouraged to get general payment card. In order to avoid confusion by owning number of cards, customers will automatically move on to this scheme in future. Maximum Points: 30

Implementation:

Implementation The customer applies for general payment card by giving his address proof and identity card. This card is issued by the government. The card consists of the username, password and the card number. All the bank servers are linked to the general payment card server. Once a customer gets the general payment card, all his accounts from various banks are integrated to this card. When the customer uses ATM, he/she needs to insert the general payment card. The password of this card is entered by customer. Once this authentication is completed, the customer is displayed with various list of bank accounts he owns. The customer can select the desired bank account The authentication process for the selected bank account is established by asking the customer to enter the pin number. Maximum Points: 50

Implementation contd..:

Implementation contd..

The Competitive Advantage:

The Competitive Advantage The main advantage of this idea is that it avoids the customer from carrying more than one debit card. By implementing this idea, the security is enhanced since we are implementing two step authentication mechanism. Even if a stranger gets access on the general payment card, he cannot enter both the passwords correctly thereby enhancing the security. Maximum Points: 30

Thank You:

Thank You

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