We have brought new technology wherein the customers can do cardless withdrawal at ATMs just by scanning the QR code at the ATM Kiosk. This is making life easier and far more secure for the customers, says Mahesh Patel, CTO, AGS Transact Tech Limited in conversation with Anupama Suresh Mehra, of Elets News Network (ENN) during Elets 4TH BFSI CTO Summit in Mumbai.
Q. What technologies are you implementing to curb frauds?
In payment services, we need to implement Artificial Intelligence (AI)-powered, Machine Learning technologies which we have done in our ecosystem. A lot of banks are either in process or have already implemented it. This would help in five-dimensional coverage of customer who is doing digital transformation and in-turn helping them to feel secure.
Q. How challenging or exciting it is to offer digital payment services to the Indian public?
It is really phenomenal. India has a wide spectrum of customers. From someone who has recently started using the digital payment to someone who is pro with it, serving this entire spectrum is really exciting. When you walk on the street you can think of five solutions to serve five people, and definitely all those five solutions we have a market in India.
Q. What steps the government or regulator needs to take to ensure that there are secure transactions?
The government and regulators are taking all the steps required to ensure secure transactions in the country. They are mandating the fraud management framework to be implemented with all the processes as well as banks. To promote digital payments the government or regulator needs to make sure that every mode, method, or instrument that is used for digital payment should be supported with cash. For example, I can be comfortable to use UPI only when I am able to withdraw cash with UPI. Once I start using UPI I will get confidence that using this method I can do digital transactions too.
Q. What innovations are you planning to implement in your company?
The latest one is the card-less withdrawal in ATMs where in just by scanning the QR code you can withdraw or deposit cash at the ATM Kiosk. So, this makes life easy and far more secure for the customer.
Because there is always a possibility of card theft, data theft or pin theft. And with the cardless withdrawal system, the whole process of cash withdrawal becomes easier, secure and faster.