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.