Future Age Solutions (FAS), a Singapore-based startup, is all set to launch an innovative product called Digital Wallet, a payment device enabling peer-to-peer payments without internet, reaching even the remotest areas of the world.
The Digital Wallet will eliminate or minimise the need for worldwide printing of currency notes, minting of coins, ATMs, and internet-based phone payment options. In addition, worldwide counterfeit currency business will come to an end, Vinod Khillan, Vice President of FAS told ANI.
About 10% of the world’s economy transacts in cash mainly for small payments through physical wallets. The idea of this invention is to replace the physical wallets with Digital Wallet.
Digital Wallet, a handheld slim and tiny biometric device that works on fingerprint authentication, makes payments or transactions highly safe and secure in encrypted mode. Moreover, the private network, encrypted intercommunication and total isolation from internet connectivity make the Digital Wallet extremely safe, secure and immune to hacking and data theft.
The Digital Wallet functions on proprietary systems like processor, operating system, unique embedded text script, and payment processing software application inventions by an Indian origin inventor and founder of FAS, Raj Tore.
(With ANI Inputs)