Education Scholarships

Direct link to the various education scholarships offered by the Government of India

List of Private NGOs offering education scholarships

Ummid Assistant

Application form for OBC Certificate (Urdu)

Application form for Domicile Certificate (Urdu)

Admission at MANUU

Welcome Guest! You are here: Home » National

Pitroda now promises 'digital wallet' in mobiles

Wednesday, September 08, 2010 01:24:25 PM IANS

New Delhi: Technology evangelist Sam Pitroda has another innovation up his sleeve and this time, he says, it will change the way people the world over look at money and carry out transactions by putting a "digital wallet" into mobile phones.

The inventor of the Casio Digital Diary, which was a rage in the 1980s, Pitroda’s company C-Sam has developed a mobile money transaction platform that, he vouches, will transform today’s concept of banking, credit cards, payments and money.

His latest innovation has also been explained in his new book -- "The March of Mobile Money: The Future of Lifestyle Management" -- that was released by Planning Commission Deputy Chairman Montek Singh Ahluwalia at the India International Centre Tuesday evening.

"Today all your credit, debit cards are put in an envelope and sent to you. In the future, your plastic cards will be digital and sent to your new address -- your mobile phone," Pitroda said at the well-attended launch function.

"This involves the convergence of banks and merchants along with the user. And this is already happening. It is almost here."

Pitroda, who is advisor to Prime Minister Manmohan Singh on public information, infrastructure and innovation, says the inspiration for his latest invention was his wife Anu, who would spend hours writing cheque after cheque.

It was then he thought of the concept of "mobile money" that combines the cash you have in your bank account, credit cards, bank accounts, mobile phone and a secure transaction gateway all into a digital wallet of convenience.

The book has been co-authored by his long-time associate at the Chicago headquartered C-Sam Mehul Desai and published by Harper Collins.

Pitroda said the use of technology and communications in commercial activities can help transform a country like India, empower citizens, reach social uplift programmes more effectively and bring about a drastic lifestyle change in both urban and rural areas.

With over 600 million mobile phone subscribers in India, this electronic version of the leather wallet can deliver personalised and secure services individually to a wide spectrum of users covering almost all sectors, he said.

In today's world, Pitroda said, more than 10 billion cards are produced every year. "The mobile wallet would, in the future, replace these cards, bringing down the cost of transaction and increasing efficiency."

Pitroda, who also chairs the National Innovation Council and headed the now defunct National Knowledge Commission, had filed a patent for the mobile wallet in 1994.

The technology, he says, is already present and used in some form in countries like Brazil, Bolivia, Costa Rica and Singapore. This apart, a version of this technology called iMobile -- is also being used by ICICI bank.

The application of this technology -- as has been with his numerous innovations, notably the Casio Digital Diary -- seems simple.

To pay for a transaction, one has to navigate to the menu of a mobile phone and click on the designated icon. The phone asks how to pay, and one then clicks on the credit card. The transaction is done over a secure encrypted platform.

What is more, one can also plug-on this platform to a computer, see the history of transactions, the balance cash, the spending pattern, charts, graphs and even take a printout of receipts, said Pitroda.

"With mobile money, I can buy something from Brazil, pay in rupees, and charge it to my account in Chicago."

   

 

 

 

  Bookmark and Share

Home | Top of the Page

Comment on this article

Name:
E-mail Address:
Write here...

More Headlines

Bill on compulsory voting reaches Gujarat house again

Heated debate in Gujarat assembly on 'saffron terrorism'

Kalyan Singh to launch Ram temple movement

Join politics, Rahul Gandhi urges Maharashtra youth

They talk about me like a dog: Obama

Students told to wear shoes to meet Rahul Gandhi

Will Eid package bring peace? Kashmir has fingers crossed

Muslims nervously await 9/11 amid row over mosque plan

Curfew relaxed in violence-hit Ratlam

He loves to hear leaders abuse each other at rallies

New York to New Delhi: Stand-up comedian casts laughing spell

More Headlines

Hillary Clinton condemns Koran burning plan; pastor adamant

Islam will sooner or later dominate Europe: Italian priest

Stoning of Iranian woman 'barbaric': EU

Prayers, feasts and piety - it's Ramadan in India

Bill on compulsory voting reaches Gujarat house again

Heated debate in Gujarat assembly on 'saffron terrorism'

Kalyan Singh to launch Ram temple movement

Join politics, Rahul Gandhi urges Maharashtra youth

They talk about me like a dog: Obama

Students told to wear shoes to meet Rahul Gandhi

Gandhi statue unveiled at Australian university

Will Eid package bring peace? Kashmir has fingers crossed

 

Top Stories

Prayers, feasts and piety - it's Ramadan in India

From dawn to dusk and dusk to dawn, the Muslim holy month of Ramadan is a time for nurturing piety. Mosques fill with worshippers, hotels are closed during the day. The muezzin's call of 'adhan' and sounds of sirens are    »

'Look for the Night of Qadr in the last ten nights of Ramadan'

Fasting is prescribed so that you may learn self-restraint

 

  Most Read

Millions strike work against privatisation, rising prices

India's economy suffered losses worth thousands of crores Tuesday as a 24-hour strike called by eight trade unions against rising prices and privatisation hit life in parts of the country, particularly    »

Gandhi statue unveiled at Australian university

A statue of Mahatma Gandhi has been unveiled at the University of New South Wales in Sydney, as a symbol of Australia's close relations with the Indian community. The bronze sculpture and a collection of books are   »

 

News Pick

They talk about me like a dog: Obama

US President Barack Obama has caused quite a flutter by accusing his Republican opponents of talking about him 'like a dog' at a rally to launch   »

A song on her lips, a style of her own, Asha Bhosle turns 77

She has sung more than 12,000 songs in 18 languages, been honoured with the Padma Vibhushan and is still raring to go. »

Indian nuclear scientist Homi Sethna dead

Renowned nuclear technocrat and scientist Homi N. Sethna died at his home here late Sunday, official sources said Monday. A former  »

 

 

Picture of the Day

More News

CPI-M will be wiped out in Bengal: Rahul Gandhi

Congress general secretary Rahul Gandhi Monday accused the Left Front government in West Bengal of siphoning off central funds and declared that the Marxists would    »

Foreign universities will create talent pool, says Sibal

Defending the proposed entry of foreign universities in India, union Human Resource Development Minister Kapil Sibal Monday asserted that they would help create   »

Four including two teenagers killed in Kashmir firing

Four protesters, including two teenagers, were killed Monday in firing by security forces - the first fatalities after a week of relative peace - and more then 15 others injured during clashes in north Kashmir's Baramulla district. With these deaths, the toll in the ongoing   »

More than two million faithful thronged the Grand Mosque in Makkah to attend special prayers marking the completion of the recitation (Khatm) of the Holy Qur’an at night prayers during Ramadan.

(File Photo)

 
 
 
 
 
 
 
 

RSS  |  Contact us

| Quick links

News

 

Subscribe to

Ummid Assistant

 

National

Religion

RSS

Scholarships

About us

International

Culture

Twitter

Government Schemes

Feedback

Regional

History

Facebook

Universities at a Glance

Register

Politics

Opinion

Newsletter

 

Contact us

Business

Career

     

Education

       

 

 

Ummid.com: Disclaimer | Terms of Use | Advertise with us | Link Exchange

Ummid.com is part of the Awaz Multimedia & Publications providing World News, News Analysis and Feature Articles on Education, Health. Politics, Technology, Sports, Entertainment, Industry etc. The articles or the views displayed on this website are for public information and in no way describe the editorial views. The users are entitled to use this site subject to the terms and conditions mentioned.