‘Universal’ ATM Card: Likely To Be A Game-Changer

Avinash Kumar Dwivedi is inspired by innovations. So much so, that he is driven to spend hours experimenting and hoping to create something new that would benefit everyone. Let’s just say that he may succeed in achieving such a lofty goal. He and his team have been working on an automated teller machine (ATM) card, on which a person can add more than one bank account.

This will considerably ease the problem of people carrying around too many cards and then forgetting ATM pins. He told Networked India, “We embed more than one bank account in one ATM card, so that the user can transact as he wishes with a single swipe. For security, we use the PIN password with a cipher key that is generated when the card is authenticated.”

He explained the advantages of such a card:

1. Faster than the previous system
2. More secure
3. IT department can directly monitor the accounts, so it will be profitable for the  government
4. People do not have to pay taxes for all ATM cards every year
5. Reduces the stress of carrying a number of ATM cards
6. Saves time if a card is lost, as it is a universal card; it can be  blocked easily
   

While all of us are aware of what an ATM card is and what it does, most people do not keep track of clauses like the limitation in the number of transactions when using the ATM of some other bank, or that after crossing the limit used, they will have to pay transaction fees. These fees, collectively, work out to quite a lot of money annually. Avinash explained the math,

If you assume 20 crore people are using ATM cards in India, and they have an average of three ATM cards with different banks, it means having to pay additional maintenance charges for a year of about Rs 100 for one card. So, the average for three cards is Rs 300. Now, multiply the 20 crore people by Rs 300 each and it’s a huge amount we are paying each year, from our pocket. So, one ATM card means one-time maintenance cost and that is what this universal ATM card can do.”

He admits that this new concept didn’t get buy-in from his team-mates – Saurabh Gandhe, Ujwal Shirode,Twinkle Pajiyar, and Pooja Bora – right away. But he convinced them and their hard work has borne fruit. They have even applied for a patent for this technology.

He is happy with the praise and recognition he is getting, and adds, “I think I will feel satisfied when there is technology available in a simple and smart way for all.”

Written for Ericsson's blog: Networked India