ELECTRONICS MONEY TRANSFER (E.M.T)
This product provides the following advantages.
1. Money will be transferred electronically without need of currency.
2. It will result in much less paper work.
3. It will be available 24/7 any corner.
4. Can make payments towards loans etc in installments as and when cash balance is available.
5. It will help reduction of unaccounted money thus increasing the revenue of the government.
6. The transaction history is recorded thus allowing for verification.
7. It can be used to deposit money in ATM’s thus reducing the work of bank staff.
8. It would be safer than either currency or credit cards.
9. It helps to reduce theft since both sides are identified by the E.M.T on each side and the transaction is recorded.
10. It is environmentally better since it greatly decreases the need for paper currency.
11. 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.