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Electronic non-cash payment systems have been used since the 70s, but their true development is dated to 21st century, along with the IT advancement. Nowadays, performing an electronic payment is faster, safer and easier than cash transaction. A revolution in payments still occurs and – as the experts estimate – it will last for next two decades. It is highly probable that people would abandon cash payment in everyday transactions and would use the electronic ones instead. Credit cards are commonplaceness. We are constantly getting more and more credit, loyalty, program or discount cards in our wallets, while customer’s identification systems are being constantly improved at the same time. The next possible step in technological evolvement would be the unification and systematization of all the technology in a one clear system. A new pattern of work of such system must be open for development, for it is difficult to define what innovations new technology would bring.
The newest trends in mobile technology advancement are being directed by solutions of that kind towards the structures placed in a cloud system. A secured system, and first and foremost one that unifies particular, not necessarily payment, tools, is a perfect example for innovative entrepreneurships being worth of investment. Multicard, also known as Multiplatform, is a completely new, extremely functional and pioneer financial medium and a means for payment implementation.
The digital revolution enters far more wide fields, changing almost all economy and investment pillars. Banking which gives the customers the possibility of using a full spectrum of services, using both conventional and digital channels of bank access to them, is a strong trend. A smartphone, tablet, PC, call-center, ATM machine or finally direct contact with the advisor in a selected bank unit, should offer the same scope of services and products which the bank has in its offer to the customer. Multicard is an innovative solution of that kind, which is a combination of outsource, SmartPay transaction and loyalty or access systems and is a novelty which was missed on the Polish market thus far.
Multicard is a convenience not only for businessmen – that sort of solution is getting its approval in case of every electronic card user and it makes performing everyday basis activities easier: from shopping to binding all the essential information useful f.ex. during travels, as tickets, loyalty cards, basic medical data or documents. An extremely important issue of multiplexing, which means focusing various media in one medium, is security. Technologies used in Multicard projecting increase the security of payment transactions by cryptographic card authorization. Using modern technologies unables forging cards and enriches interoperational systems in verification and authorization functions. Encoding the data allows not only for safe using of Multicard itself, but it also allows that the very system is available portably – via specially designed and created applications.
Multicard may fulfill basic identification functions for administrative documents, loyalty card or a credit one, combining all the applications of functioning documents, payment means and transaction conveniences within. The card’s security system and its highly specialized technological solutions enable its safe manner of storing identification data of its owner. Furthermore, the Multicard designers inform that the card may be used as a sort of a “dog tag”, storing such information as: blood type or the information about the substances which a person is allergic to. Such prospect gives broad possibilities, for in life-threatening situations, a doctor or a lifeguard could perform a rescue action much faster than it is done today, thus eliminating the threats from drug applying, to which a patient might be allergic, or identifying a substance which could cause an allergic reaction. It was also emulated in mobile phones. Its high security standard allows to use most of the products available on market (documents, credit cards, city cards, loyalty cards, IDs). This solution gives us the comfort of use, and does not weaken the importance of previous plastic solutions – on the contrary, empowering their functionality.
Multicard is a project which is still being under construction. This venture still requires investment, programming and banking support, and improvements in case of administrative branch, f. in. in implementing city travel cards or improvements related to mobility progression and technology in urbanistic centers. It is imperative to focus on the development of local authorities’ computerization in order to make the administration operating systems able to serve and implement that kind of project. In fact, the only limitation, which could be encountered while working on that sort of entrepreneurship, is human imagination. During the construction of such vast and multi-leveled system, governmental and administrative support is extremely relevant. Multicard’s innovation and the market’s demand for the possibilities it offers make it an area of a significant potential.
Another very important, if not the most important element of Multicard is GreenID account – a superordinate application, which shares logging and authorizing processes with Multicard customers. GreenID is a unique ID of each available card, enabling and answering to all the accounts’ binding with the application which manages them. The processes of authorization and logging, as well as the apps and accounts’ binding has a high security priority because of the data weight. Every single demand sent from the Account to the application and the other way around goes through a number of security protocols – in order to ensure the process’s safety and prevent from any break-in attempts. All these factors guarantee that the data and the means collected on Multicard are completely safe. However, the works on product’s development are still in progress, as the system designer informs, a number of experts in the fields of IT and banking are constantly working on the system’s development, announcing new possibilities of Multicard and GreeID account. A unique identification number ensures complete safety of performed authorizations, and logging security system provides the owner uninhibited and danger-free access to bank or loyalty accounts. The GreenID account contains several different functions within, including access to a number of additional GreenTeam apps for everyday activities.
Multicard designers are also the authors of innovative transaction systems called SmartPay, which are the response for the increasing market demands. Multicard combined with SmartPay is an intelligent electronic card, based on advanced and secure systems. Closed, properly secured structure integrates all the outer systems within, which is supposed to consolidate the largest number of transaction possibilities in one combined card. The specificity of this solution is conditioned by the needs of today’s society, which demands that creations of modern technology offer vast spectrum of possibilities in affordable and functional – and minimalistic alike – form. The whole system along with the SmartPay application works within the GreenCloud system which enables sending and storing data in outer server environment (namely in a ‘cloud’). SmartPay deals with two main functional packages: MyWallet (integrated payment systems) and MyAccounts (integrated bank, credit and loyalty accounts). SmartPay applications give the possibility of managing all the functions which are offered by the system, such as money transfer realization, bank account balance verification, account history, etc. This application is compatible with such systems like Android, OS and Windows. The apps available within the cloud are dedicated to small and big businesses and they can be used f. in. as an activity empowering factor, as it happens in case of Multicard. The very essence of this system and the innovation designed by its experts is the fact that Smart Pay system was invented as a new standard of authorizations between customer, a terminal and a bank. Such a solution may revolutionize the market, thus improving non-cash payment transfers.
According to the Central Statistical Office, the unaltered structure of social support is, in some cases, rather deepening poverty than helping to get out of it. The important thing is that the national institutions, as well as units connected with social benefit support implement a balanced system of funds monitoring. The response for the donors’ needs, number of whom may increase by 30% according to the statistics (provided that the funds’ proper use be ensured) is an intelligent system of social care with use of modern IT means, which would additionally allow communication of the supporting unit and the beneficiary. What is more, the computerization of this segment allows to contact faster and easier of proper persons with a proper institution. Long queues and complicated formalities would be replaced by a specially constructed system containing all the necessary information and simplifications. That type of platform would help a person interested in applications of all kind and would clearly describe where to look for help in case of particular accidents step by step. In order to make the system to be based on mutual advantage, people in need would have access to specially configured, personal accounts which would help with identifying. The system would allow to use the money transferred to the card, thanks to which the financial support would reach the most needy families, which would use the funds in accordance with their purpose. Shopping would be realized in selected store chains, which would join the SmartHelp program – an intelligent social support. Salesmen would use a unique sale system supporting the whole customer-salesman relations process, which – in contrast to standard systems – requires only a cash register and a tablet with the proper application. This kind of settlement system between the registered card users and store chains would allow to verify the sort of products which are needed most, which would eventually help with arrangement of all kinds of donations for the poorest families. SmartHelp is an innovative way for preparing the most beneficial social programs, f. ex. unemployment or 500+ benefits. Such system implementation would show the way of helping people in need, limiting the number of state care abuse cases. The expenses control for social support would be thereby more effective.
Another example of using the SmartHelp system is the advanced support system for refugees, which would solve the actual European problems, namely defining and normalizing of help for the immigrants. The system designed by SmartPay company would help to eliminate the threat of inaccurate or insufficient support, and it would be the medium between the social institutions and those in need of help or care. It would also be a means for avoiding unnecessary formalities. The use of the system is very versatile, but undoubtedly the social profits coming from its use would be great. This solution would be a big simplification for both parties. For a card user – because he or she would, in a simple manner, check the available support funds, and help would come to him or her faster and it would be suited better to his or her current situation, as for the benefit-paying party – because of the possibility of easy and clear order of all necessary data and because of fewer formalities while paying benefits. It would be possible thanks to specially invented application, which would have the information connected with the expenses of card users as well as notifications for donors. The application allows to manage all functions which SmartPay has to offer, in which money transfers realization, verification of bank account balance or credit applications are included. Thanks to cooperation with such systems as Android, OS and Windows it is easy in use and clear and user-friendly.
SmartPay system is equipped with a loyalty system called Green4You, which is a tool that assigns all available discount and loyalty systems to the card, entitled to specific reliefs. The structure which integrates loyalty programs is responsible for it, creating one multi-partner system. All the possibilities are cumulated just within one card, which helps to save space in the wallet. All the discounts, bargains, offs and acquired points, to which the card owner is entitled, are stacked in a SmartPay’s subsystem – Green4You, being an easily available source of discounts. It is a truly helpful solution from the ecological point of view: producing one, universal card would limit the production of company blank forms, which means – minimizing the pollution related to acquisition of proper production materials and with the production process itself.
Every institution, store chain, medical facility is welcome to join the Green4You loyalty system. The designer does not forecast any limitations in this process, guaranteeing the card users the highest quality of services for a maximally available price. Green4You Loyalty System is a relevant complementation of the entire service package, and the whole Multicard system, thanks to its functionality and loads of possibilities it stands out with innovation. It is worth mentioning that the loyalty program is constantly being under further advancement. The system’s producer highlights that this program is going to evolve adequately to the needs of customers who use it.
An additional element available to Multicard and GreenID users is the GreenTeam applications package situated in and working on innovative calculation cloud system called GreenCloud. It is a set of applications made for Android 4.0+, Windows and IOS platforms, optimally designed and made for supporting everyday activities.
Apps and services included in GreenTeam pack are as follows:
The works on a number of apps are still in progress and the pressure on the development is put on recycling and security advancement and expansion of existing services and apps packages. Furthermore, using the GreenCloud resources (calculation cloud) is fully open for developers, allowing them to integrate their application and to share with other users. It gives the possibility of constant improvement and project development, and a vast scope of services and apps for everyday activities.
Finances and transaction system are the fields in which there is always some place for new, better solutions. Innovations in this branch would mean not only proper functioning of particular processes or better organization of available funds, but first of all it means a successful increase of security level. Today’s market shows that in order to achieve success, one must gain trust of a potential client. Showing his or her own entrepreneurship or company as a profitable and beneficial partner would mean concrete, properly selected security measures in terms of investments, controlling or financial surveillance. These products, which are made for transactions realizing, have to guarantee safety and confidentiality of payments, being an easy tool, available even for the elder generation at the same time. One thing is certain: new technologies have truly unlimited potential, necessary for increasing demands of the users and the dynamics of today’s market. This is the area, on which there is still much to be done, and the next years would probably be the period in which we will acquaint with many a surprising inventions, which will completely change our reality.
Source: Green Economy