Retired people and social support recipients are part of every society everywhere. Every month around the world Government pays to millions of people. It is done either:
1. old way by sending a cash by post
2. still old way by pickup in person on Government cash counter
3. better way by mailing a check to be cashed or deposited
4. best way by sending money to person’s bank account
Needless to say, we would not recommend first 2 techniques to anyone. They are outright dangerous for money carrier and also for the recipient. Possibilities for theft, payments to wrong person, even dead person are simply endless! Mailing a check or money transfer is definite improvements in security and handling payments. There is still a drawback. Those methods cost money, and we are talking a serious money!
If there are a million retirees / social support recipients printing and mailing a millions checks costs at least $0.40 - $0.50 per envelope with check. That amounts up to at least $400000 just to send payments out! Cost of stationery, printing, machines is extra, every month.
Doing it by bank money transfers costs less but is still significant expense. Direct and indirect cost per transaction is at least in range of $0.30 - $0.40. At million people we are still in about half million dollar range.
At the last stage of WHC completion we were approached with that problem by delegation from one African country. It made us take a short hard look at it and we found an easy solution!
WORLD HEALTH CARD ATM WITH BIOMETRIC AUTHORIZATION FOR FINANCIAL TRANSACTIONS
Since World Health Card shall be distributed to millions of people we created extra functionality to cover Government payments to retirees and social support recipients.We call that function World Health Card - eBankONE. It is a function in software that is hidden from other medical information of the smart card we are using. Information are protected by card encryption, extra keys and only accessible by PIN or biometric validation which is already part of the whole WHC suite.
HOW IT WORKS?
Government shows up as a banking entity and authority completely controlling the payout system to retirees and social support recipients:
- No cost to Government for cards since they already exists in hands of card holders.
- Payments are made directly from Government computers into the WHC eBankONE system.There is a zero cost of doing so.
- Suddenly new moment surfaces, money that is normally transferred to the banks (via checks or direct deposit) will still be in Government accounts, possibly for very long time. Money not gone is money that can earn interest for the Government, not banks.
- Person entitled to get payment shall use Government controlled ATMs to withdraw cash when needed
- PIN and biometric verification as safety features already exist in every WHC card
- Instead of paying to the bank for ATM usage users will pay to the ATM operators (Government) small fee that will not only cover initial investment into ATMs very quickly, but also pay for maintenance.
- No cash will exchange hands until ATM is used.
- Payments to the cards can be fully automatic or manual.
- WEB based electronic records shall be available for the users to see every transaction made
- WHC eBankONE is environmentally green solution! Countless trees will be saved since mountains of papers and forms are not needed any more.
- People tend to save money, they will be ready to turn eBankONE into ultimate savings vehicle saving huge amounts to Government and building wealth to society instead of spending it out.
Finally, goal is to make everything cashless up to the last person handling eBankONE.
After initial implementation next step will be turning WHC cards into true ePurse cards. Equipping merchants with suitable processing equipment will enable card holder to pay for goods and services with electronic money.
Next functionality we will be working on is payments to medical institutions (when applicable) directly from the card’s ePurse. Medications, therapies come to mind first.
Recipients of the social program benefits are definitely another group of people after retired persons that could enjoy eBankONE functionality of the WHC card.
Except for the money withdrawal capabilities card holders may find feature of easy money transfer from card to another card holder very useful. With a few keystrokes they will be able to send amount from their card to relative or friend. Transaction shall be fast and secure, regardless where other person is.
Credit card companies are swimming in money and for a good reason. Implementation of WHC eBankONE will save money to card holders and society as whole. Outflow of millions will be cut by significant amount and re-directed into own country programs.
Security and protection of privacy in WHC cards is already on highest levels. Medical information and other WHC functionalities are icing on the cake when talking of one integrated solution smart card.
We at WHC promise to never stop improving the system for everybody’s benefit!