ELECTRONICS MONEY TRANSFER (E.M.T)
This product provides the following advantages.
- Money will be transferred electronically without need of currency.
- It will result in much less paper work.
- It will be available 24/7 any corner.
- Can make payments towards loans etc in installments as and when cash balance is available.
- It will help reduction of unaccounted money thus increasing the revenue of the government.
- The transaction history is recorded thus allowing for verification.
- It can be used to deposit money in ATM’s thus reducing the work of bank staff.
- It would be safer than either currency or credit cards.
- It helps to reduce theft since both sides are identified by the E.M.T on each side and the transaction is recorded.
- It is environmentally better since it greatly decreases the need for paper currency.
- If the government is willing to abolish paper currency or restrict its use only to government(official) and banks, then bribery can be nearly abolished.
Voting
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ABOUT THE ENTRANT
- Name:Sadesh Devaki
- Type of entry:individual
- Profession:
- Number of times previously entering contest:4
- Sadesh's favorite design and analysis tools:Auto-cad, coreldraw, master-cam, sketch drawing,Google sketch-up,appcheoffice.org
- For managing CAD data Sadesh's company uses:autocad 2010
- Sadesh's hobbies and activities:playing Chess, Carom, Snooker.
- Sadesh belongs to these online communities:facebook, linkedin, twitter, google+, plaxo, more.
- Software used for this entry:corel draw
- Patent status:none