#NXP & Glodyne provide banking to the unbanked using #NFC technology

In the Indian state of Bihar, semi-conductor manufacturer NXP and IT service provider Glodyne Technoserve have joined up to provide residents of the India state of Bihar with social welfare and also banking facilities. Reported by NFC World, they will be able to access these banking facilities using NFC technology and a contactless card which they call the “e-shakti”. The aim of this program is to increase the purchasing power of the Bihar residents and bringing banking to the unbanked.

This involves using mobile terminals which can be operated by hand to set up virtual banks. This would allow for a significantly lower start-up cost as there is no need to set up a physical bank. Security issues are addressed via NXP’s NFC technology and integrated biometrics which would ensure that every transaction is safe and secure. An additional plus point for introducing a contactless system is the lower maintenance cost of such a system. Glodyne Technoserve revealed that a contactless system over an extended period of time, will last longer than traditional systems which rely on magnetic base technology.

To find out more about the latest NFC developments in Asia and beyond, join us at NFC World Asia 2012 which will be held from 25 – 27 April 2012 in Suntec Singapore. Download our brochure or visit our website for more information.