Abstract
Users that live in regions with limited banking penetration or users with no bank accounts cannot benefit from digital payment applications that support payments, loans, and other financial transactions. This disclosure describes techniques to recharge digital payment wallets or accounts using physical money chips. The described solution bridges the gap between physical cash and digital financial systems and is suitable for users in regions with limited banking penetration. A physical money chip is provisioned with a unique identifier and has a NFC, RFID, or other code that can be read by a smartphone. Upon detection, users can perform transactions such as viewing the balance on the chip and transferring money from the chip to a digital wallet supported by a digital payment application on the smartphone. A blockchain record is maintained for each transaction, allowing transactions to be tracked and verified. The physical money chip can be pre-loaded by a financial institution with a loan amount, or by any other entity that wishes to transfer money to a user without requiring bank account access.
Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 License.
Recommended Citation
Prasad, Ajay, "Physical Money Chips to Enable Digital Transactions", Technical Disclosure Commons, (November 18, 2024)
https://www.tdcommons.org/dpubs_series/7548