India: NXP joins A Little World for facilitating rural banking
Bangalore, India, October, 04 2007 -
The mobile stores the entire database of customers in the village and neighbouring areas within the phone’s memory, protected by a high security chip built into the phone.
Your phone - a bank. NXP and A Little World have collaborated to bring a next generation solution that will let over 45,000 people in rural areas access full featured banking services at their village.
NXP has designed a mobile that encloses an RFID card, which will work with A Little World’s micro banking platform ZERO.
RFID is a short-range wireless connectivity technology that enables consumers to securely exchange and store all kinds of information, simply by bringing two devices close together – such as a mobile with an ATM.
The mobile acts as a branch of the bank by storing the entire database of customers in the village and neighbouring areas within the phone’s memory, protected by a high security chip built into the phone. The mobile encloses a smartcard, which biometrically stores the identity of the customer such as name, address, photograph, fingerprint templates and relevant details of the savings or loan accounts held by the issuing bank.
The RFID cards being used in the pilot use the same chip that is embedded in the newly issued e-Passports in more than 35 countries worldwide, including the US, countries in Europe, and Singapore by NXP.
Seven banks have deployed a project led by NXP Semiconductors and A Little World in over 450 villages across four states in India - Uttarakhand, Mizoram, Meghalaya and Andhra Pradesh. The pilot project brought customer service points equipped with new generation NFC enabled mobile phones, contactless RFID smart cards and integrated biometrics.
For the participating banks, it is an important step that will eliminate the cost and effort to set up physical branches in rural areas, while providing full services for cash deposits, cash withdrawals, utility payments, money transfers, micro-insurance, and cashless payments.