Electronic Purse (ePurse) is the storage of cash in the form of electronic Wallet. ePurse is a highly secure mode of payment where the amount is loaded onto a Smart Card with multiple usage capabilities. The re-usability of the card for unlimited number of loads and debits makes it convenient to end users.
The cardholder simply needs to present the ePurse card at the time of payment, where the cashier will deduct the required amount by inserting the card in the EFTPOS terminal or simply card reader (Just like a debit card). A cardholder receipt is printed for every transaction with an updated balance, and a copy is printed for the outlet’s reference (Merchant copy). The e-Purse solution helps in promoting a secure environment while enhancing the overall customer experience.
Typically, loading the ePurse card with cash takes places at banks or authorized Loading stations while the ‘debit’ transactions occurs at merchants’ stores.
The advantages of the e-Purse are as follows:
• Payments secured in advance – avoid payment defaulters, credit card frauds etc.
• Ease of payment, the cashier counters can go cashless
• Dedicated cash points / appointed staff handling cash
• Detailed transaction reports available for reconciliation
• The card can have multiple purposes i.e. member card / ID & can double up as a loyalty solution using
the same platform
The mode of payment can be divided into two categories:
– Online: Where balance is stored in the backend and securely accessed by the card after a ‘Mutual Authentication’ between the ePurse card and the backend, all transactions referred to the backend server where infrastructure is capable enough of handing high volume transaction scheme
– Offline: Where balance is stored on the ePurse card and card is authentication by the accepting terminal by the usage of Secure Application Module (SAM) to ensure card issued keys authenticity and establish ‘Mutual Authentication’ between the ePurse card and the EFTPOS/card reader befor securing communcation to perform the ‘debit’ transaction. Transactions are performed totally offline and uploaded to the backend server for end of day reconciliation.
The ePurse supports the following transactions:
• Check Balance
• Void Transaction
• Refund, as required
The ePurse system includes the following modules:
• Cardholder Management
• Card Lifecycle Management
• Merchant and Terminal Management
• EFT POS Application
• ePurse Transaction Processing
• Reconciliation and Reporting Module
• HSM Integration
• User Access Management