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Currency notes, coins, ATMs will soon end: Singapore-based innovation startup Future Age Solutions

News Agencies | Updated on: 5 October 2018, 17:10 IST
currency note

Future Age Solutions (FAS), a Singapore-based disruptive products innovation startup, is about to launch an innovative product called Digital Wallet, a payment device enabling peer-to-peer payments that work 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, according to Vinod Khillan, Vice President of FAS.


On an average, 10 per cent of the world economy is transacted 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 total isolated 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.

The Digital Wallet is a currency-specific product which will cover all 180 legal tender currencies of the world within the geographic territories of the currencies. FAS' US subsidiary corporation, Digital Cash Inc, will setup worldwide currency specific subsidiaries to enable Digital Wallets' transactions.

The Digital Wallets will start rolling out in stages worldwide starting 2019.

-ANI

First published: 5 October 2018, 17:10 IST
 
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