NewGen Bank technology spans a wide variety of authentication mechanisms and offers services that can be used whether or not one has a bank account and/or mobile phone. The platform is completely mobile network agnostic, independent of Mobile Network Operators (MNO) and can bank the entire spectrum of the population of a country.
Biometric has become a mature technology, can actually support financial applications in the real banking world, and is a viable replacement for, or enhancement to, the use of passwords or PINs to verify the identity of a person. Each person’s characteristics are unique to that individual. Even identical twins do not have the exact same characteristics. Also it is very hard to loose, and impossible to forget the personal characteristics, since they are a physical part of each individual. The use of biometrics will significantly increase the probability that the person accessing the financial system is actually the person they say they are.
A person's finger effectively becomes the "chip" on a conventional bank card. Known as BioCash and developed by NewGen Bank, the biometric authentication is among the first of its kind for payment and banking. Biometric payment system is used for various kinds of payment system instead of the tension of cards to put with them and to memorize their difficult passwords and pin numbers. Biometric payment system is much safer and secure and very easy to use and even without using any password or secret codes to remember as compare with previous system like credit or debit card payment system, wireless system and mobile system etc. Biometric payment system is reliable, economical and it has more advantages as compare with others.
In daily life a person has to carry and use various cards ranging from credit cards, check card for shopping, bus card, mass transport card for traveling, student card for library and department, and many kinds of cards for unlimited purposes and so on. So problem is that a person has to take many cards and has to remember their passwords or secret codes and to keep secure to take with him all time. So the biometric payment system will solve this problem.
Verifying that someone is who they claim to be is a perennial challenge for banks. It spans the whole banking spectrum, from private banks seeking to avoid money laundering, to retail banks guarding against identity theft, to institutions servicing the unbanked who have no record of their identity. Biometrics has already gone a long way to solving this problem. Through fingerprint authentication, banks can establish and verify a customer’s identity, unequivocally. This overcomes issues of forgery and impersonation, greatly enhancing security, while decreasing costs. Now, as banks transform from being branch-focused to becoming digital organisations, biometrics will have an increasingly large role to play.
NewGen Bank has developed an innovative new product called the Biometric Retrofit Kit for ATMs. This device can convert your standard ATMs to Biometric based, either fingerprint or iris, ATM. Retro Fit Kit can be integrated with existing standard ATMs to make them more secure with fingerprint authentication technology. The functionality of the ATM remains the same with an added advantage of Biometrics. Various combinations of PIN number, cards, & biometrics can be used for authentication depending upon the security levels. This very easy to deploy kit is very affordably priced.
BIOMATCH FR-02 is a mini portable Bluetooth fingerprint-nfc reader with battery built-in, USB port for charging and data exchange. Its USB port could be connected with ATM-PC to be used as a fingerprint or NFC reader; Meanwhile, it could also be connected with Android, iOS devices, windows or Mac PC via Bluetooth and be used as fingerprint reader and smart NFC card verification; Model BIOMATCH FR-02 uses capacitive anti fake fingerprint sensor, which could be widely used in the Identity verification system.
System to connect two devices and allow a payment transaction to take places using an additional connection between devices that does not require internet connections, this secondary connection will happen via any of the following channels: BEACON
The main purpose of the system would be for a customer to be identified automatically by the merchant / entity in a non-intrusive manner that does not require user or merchant intervention. This identification would have a standard foundation in terms of identifying the customer basic information,
ssued to clients with feature phones at registration It is also image generated on client’s smartphone Sticker used to authorise customer transactions at the merchant
Customer walks into merchant store and loads basket/trolley with goods Customer walks to checkout point – till point, for payment Cashier scans all the goods for payment and total is displayed Cashier asks customer how they would like to pay? “cash, bank card or NewGen Bank”? Customer responds NewGen Bank Cashier selects NewGen Bank Payment on her till payment system and opens the interface Cashier presents NFC reader to customer Customer taps NewGen Bank – sticker on the NFC reader (At this point the platform triggers a NIUSSD session) Customer receives NIUSSD message requesting them to respond with their PIN on their mobile handset. Customer responds with correct PIN Customer receipt is printed be the cash register and the transaction concludes
Each participating agent, be it a trader, shop, retailer, employer or other entity, will be equipped with a NewGen Bank terminal. These state of the art Point of Sale devices will support the Merchant and Agent network in facilitating cash-in and cash-out transactions as well as general payment services. The terminals support the authentication methodology mix, including finger biometric, NFC and Proxidata and can be extended to support credit and debit card payments.
Physical market and storefronts have been a mainstay in our lives for hundreds of centuries. Merchants have shops with goods that they sell in a physical shop. Customers come in and out of that shop and almost always communicate with the seller with a variety of questions about the products they are selling. With the advent of the internet parts of this dynamic have been partially replicated ‘online’
An example is facebook groups and messages where users communicate with sellers about items they have posted in the group. Super sites such as amazon are simply e-market places however their size eliminates the possibility of true interaction. But leaving alone the super sites such as Amazon. There is an untapped space of small to medium size merchants they would benefit from and have attempted to open online versions of their stores. Although some have seen some success they have fallen victim to the friction involved in the purchasing process. In addition, the non-interactive nature of these online purchases leaves buyers feeling ‘alone’ and unattended to during the process. Because of how the current online buying experience is working, the comfort that buyers feeling from the interactive nature of face to face contact isn’t available in the current online buying experience.
As more and more merchants introduce loyalty programs into their marketing strategy, it’s becoming difficult to find unique ways to stand out. Not only have shoppers come to expect to be rewarded for their money and time, but they expect earning points to be effortless. The simplicity of earning and burning loyalty points with every tap of a mobile wallet will encourage consumers to sign up and stay engaged with the program.
NewGen Bank Wallet improves customer convenience. In the current marketplace, leading brands are pulling out all the stops to make digital shopping experiences more convenient. Mobile wallet significantly increases the convenience of loyalty programs by allowing shoppers to collect rewards and purchase with points using the same vehicle they use to pay with traditional cash, which inevitably make customers even more loyal to the brand. Loyalty in mobile wallet increases c