Low Cost Secure Transaction Model for Financial Services

Installing a financial service outlet (e.g. automated teller machine (ATM)) is an expensive affair due to the need of dedicated network connectivity. In the existing model, the users are forced to trust a service outlet to be authentic. A spoofed outlet can collect the account information and use it in some way later. In this paper, we propose a new model that would overcome these cost and security related issues of the conventional Financial Service Model. In a developing economy like India, whose 70 percent population of 1.15 billion is in rural areas with limited or no network connectivity, this model can help the banks reach the masses.